Why property cooling measures were needed

[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.