摘要：Global financial developments over the past several decades have increased the
importance of financial stability considerations in economic policy making. In addition
to discussing the public sector’s role in finance, the paper frames and analyzes the
conceptual challenges policymakers face in safeguarding financial stability and in par-
ticular in monitoring and assessing financial stability.The paper discusses four ongo-
ing structural changes that are posing formidable challenges for policy makers. It also
discusses why central banks have a natural interest and role in safeguarding financial
stability.
