Charles Goodhart on two goals but only one instrument (fg)

On vox.eu Charles Goodhart writes on the target conflict between price and financial stability on part of central banks.

Central banks cannot achieve price and financial stability with one
instrument (interest rates). A counter-cyclical regulatory system is needed to
dampen asset booms and to smooth busting bubbles. To use such macro-prudential
instruments effectively, regulators need courage, quantitative triggers, and
independence; they will be criticised by lenders, borrowers and politicians in
both booms and busts.