If central bankers want to do a better job delivering macroeconomic stability in the future, this is the direction. they should be looking in.
Even setting aside questions of fairness - which we shouldn't! - to be effective, monetary policy needs to focus on the flows of credit to parts of the economy that are credit-constrained. Not just pushing harder on the same single lever with negative rates, NGDP targeting, etc.
You can build a toy model where the central bank sets "the" interest rate and that matters for all kinds of choices. But in real economy, lots of rates that don't always move together. Terms/availability of credit matter a lot for some activities, hardly at all for many others.
In highly partitioned financial system, can't just dump liquidity at top and assume it will get where it's needed. Some units may be swimming in cash while others can't borrow at all. May be reason for state-local cutbacks that were major factor in slow recovery after 2009.
More broadly, if there's a financial stability mandate it has to mean making sure there's a reliable flow of credit to the real economy, not just that big banks don't fail. The latter is not sufficient for the former.
