Playing catch-up

When Paul Volcker was asked once what was the most important qualification needed to be a good central banker he had a one word reply: "Guts". Not to be a good economist, or skilled chairman of the board, or a smooth communicator or public performer - no. Courage to do what is necessary was what really mattered.

It would be most unfair to brand the current generation of top central bankers as lacking in guts - and of course it was in no way part of Paul Volcker's intention to say or imply such a

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