Six years after the Great Financial Crisis，major advanced economies （AEs） have been on a prolonged path to recovery，undershooting the forecasts and showing divided trends. The untra-easing unconventional monetary policy implemented by major AEs after the crisis has played a key role in stemming the financial market meltdown and downward spiral of deflation. However，due to the indispensible private sector deleveraging during balance sheet repairs，monetary policy transmission has been impaired and the monetary policy cannot fulfill the savior’s role in economic recovery，while in the unchartered area of unconventional monetary policy，unintended consequences cannot be ruled out. With financial cycles and overhanging public debt looming in the policy horizon，the timing and strategy of exit of unconventional monetary policy should not be dominated by the doctrine of inflation-targeting prevailing before the crisis. Nevertheless，it remains to be explored as to how the monetary policy should react to the goal of financial stability. Preventing new bubbles in the future is a fundamental challenge faced by the monetary policy. It demands a more symmetric strategy of monetary policy in dealing with financial risks.