Central banking post-crisis: What compass for uncharted waters?
AbstractThe global financial crisis has shaken the foundations of the deceptively comfortable pre-crisis central banking world. Central banks face a threefold challenge: economic, intellectual and institutional. This essay puts forward a compass to help central banks sail in the largely uncharted waters ahead. The compass is based on tighter integration of the monetary and financial stability functions, keener awareness of the global dimensions of those tasks, and stronger safeguards for an increasingly vulnerable central bank operational independence.
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Bibliographic InfoPaper provided by Bank for International Settlements in its series BIS Working Papers with number 353.
Length: 23 pages
Date of creation: Sep 2011
Date of revision:
central banking; monetary and financial stability; macroprudential; own-house-in-order doctrine; operational independence;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-10-09 (All new papers)
- NEP-BAN-2011-10-09 (Banking)
- NEP-CBA-2011-10-09 (Central Banking)
- NEP-MON-2011-10-09 (Monetary Economics)
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