MAS: Cooling measures are "interim"

[phantom_opera]

http://www.channelnewsasia.com/news/singapore/property-cooling-measures/1121700.html

We must not fall into the trap of believing that the innovative policy measures being taken now in response to these unusual conditions represent the basis for a new paradigm in the future,” he said.

“I suspect that when the dust has settled and more normal conditions return, monetary policy regimes will not look drastically different from pre-Crisis days.”

[Arcachon]

http://www.businesstimes.com.sg/premium/top-stories/why-property-cooling-measures-were-needed-20140526

[SINGAPORE] The property cooling measures adopted by Singapore from 2009-13 - known to economists as "macroprudential measures" - were an essential complement to monetary policy and have succeeded in containing the property market bubble, according to Monetary Authority of Singapore (MAS) managing director Ravi Menon.
However, they were introduced during a "highly unusual situation". As such, they will not be a permanent feature of policy and will only be used from time to time.
Mr Menon was speaking last Saturday at the inaugural Asian Monetary Policy Forum, which brought together academics, former central bank governors and economists from several countries to discuss monetary policy issues in the Asian context.
He pointed out that the global financial crisis of 2008-09 forced central bankers to pay more attention to issues of financial stability. Before the crisis, their main focus was on macroeconomic stability - mainly inflation and output.