Studies on the importance of monetary stability for the achievment of sound economic environment have always been among the most searched economic works. The experience of last decades illustrates the fact that low inflation has not proved to be a hedge against financial instability. The question is if there is a trade off or contradiction between monetary stability and financial stability. Perhaps the most important lesson that need to be drawn from recent episodes of financial instability is that monetary authorities are much more impotent when it comes to prevent crises than we thought they are.