Posted

January 18, 2012 05:40:40 AM

Date

2011-09

Author

Claudio Borio

Affiliation

Head, Research and Policy Analysis, BIS

Title

Central banking post-crisis: What compass for uncharted waters?

Summary /
Abstract

The 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.

Keywords

Central banking, monetary and financial stability, macroprudential, own-house-in-order doctrine, operational independence

URL

http://www.bis.org/publ/work353.pdf

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