Could there be another financial crisis?

We can imagine two types of financial crises: A financial crisis “of the past”, triggered by a rise in interest rates at a time when debt ratios and asset prices are abnormally high. Unless the trend in the functioning of labour markets reversed , the absence of inflation and central banks’ determination to extend the growth period and prevent a fiscal solvency crisis ought to now keep this type of crisis at bay. But the possibility of a change to labour market policies, causing inflation to return, needs to be kept in mind ; A financial crisis “of the future”, caused by the long period of very low interest rates and highly abundant liquidity, leading to asset price bubbles, a crisis among financial intermediaries, an excessive squeezing of risk premia, flight from money, or simply the inability of monetary policy to react in the event of a fall in growth. Both forms of financial crisis could be prevented by a monetary policy that “lean ed against the wind”, i.e. gradually became more restrictive during growth periods, which would prevent overindebtedness and bubbles and restore significant monetary policy leeway in the event of a recession.