Stability role necessitates new policy instruments

Central bankers should be given an additional policy instrument if they are asked to ensure financial stability, said Hans Genberg, the executive director responsible for research at the Hong Kong Monetary Authority.

"A central bank that is trying to achieve an inflation target while at the same time minimising variability of output should ideally have two instruments, and adding a third objective related to financial stability would require an additional instrument," Genberg said. "We may need

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