Lessons from the crisis for central bank management

The past 18 months have been strenuous for central bankers. Attention has focused on policy and operational responses to the major disruptions in financial markets and the wider global economy. It is a time for action - short-term fire-fighting. But it is also a time to think about why the fires happened in the first place, and what we can do to promote longer-term fire prevention. Central banks and regulatory agencies are institutions, so their governance and management frameworks should tra