The role of central banks in financial stability
At a time when many governments and central banks are struggling to distil the key lessons of the crisis, one of the main finding is that the central bank needs the appropriate powers if it is to assume responsibility for systemic financial stability. The British example of how not to do it is in everybody's thoughts, but the lessons range more widely.
In the more than ten years since the Bank of England won independence the issue of its role in financial stability has not been resolved. Much of
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