Admitting the possibility of spiraling inflation and of destabilizing the financial system, Bernanke said the risk of doing nothing is even worse.

FORBES: Bernanke Admits QE Distorts Markets, Brags Of 'Best' Inflation Record As Fed Chairman

The participants have taken risks in the process but precisely because the risk of doing nothing was considered greater: another indication that this has been indeed one of those rare circumstances where intervention is called for.

ECONOMIST: Interventionist

The BIS recommendations could keep committees running for a couple of years while doing nearly nothing to reduce risk.

FORBES: BIS and IOSCO Dither on Requiring Legal Entity Identifiers (LEI)