The pursuit of financial stability – an outside view

This article is based on a keynote address given by the author at a conference on "Central Banking and the Financial System" organised by the National Bank of Poland in October to mark its 80th anniversary.

A glance at the websites of leading central banks will confirm that the promotion of financial stability is one of their core objectives and responsibilities. This is the case whether or not they are responsible for prudential supervision. It is featured prominently by the Federal Reserve and