The effects of monetary policy on financial market developments, in particular in fostering the subsequent financial bubble, have led to a reassessment regarding the conduct of monetary policy. The debate is under way and concerns various aspects, which I will summarise briefly. The first concerns the tools of monetary policy. Recent experience has shown that the approach followed by most central banks, based on inflation targeting (which involves forecasting inflation on the basis of an economic model and changing interest rates so as to ensure that inflation forecasts are in line with the target), does not sufficiently take into account financial developments, in particular with regard to asset prices, which may affect the stability of the markets and, in time, inflation. It is argued by some that monetary policy should act proactively to avoid the excessive tendencies of the financial markets, known as “leaning against the wind”. 5 In other words, one should be ready to hinder the creation of speculative bubbles, among other things by raising interest rates, before inflationary pressures emerge. This is easier said than done. If it is difficult to forecast inflation, it is even  2  Ben S. Bernanke (2002), “Deflation: Making Sure "It" Doesn't Happen Here”, remarks before the National Economists Club, Washington, D.C., 21 November 2002; Alan Greenspan (2004), “Risk and uncertainty in monetary policy”, remarks at the Meetings of the American Economic Association, San Diego, California, 3 January 2004.
For instance, if I had to mention three of them, I would choose: (i)  overseeing the development of awareness and training within the organisation;  (ii)  monitoring patch management in order to make sure that identified flaws are corrected in due time;  (iii)  and, last but not least, capturing the effectiveness of the identification and authentication processes. In a nutshell, key indicators help to improve the governance of the IT security system. ** To conclude, I believe that it is necessary to better structure the international governance of cyber security in the financial sector: it is clear that the different regulatory and supervisory authorities are aware of “cyber risks”. This is becoming apparent through the numerous initiatives at various levels (domestic, European, and international). While this is welcome, it is both delicate but necessary to strengthen international cooperation in order to ensure that there are neither loopholes nor overlaps and that there is convergence towards proposals and solutions that can easily be shared with others.