Bulwarks against chaos

As the succession of financial crises and bubbles over the past 15 years suggests, international financial stability rests on uncertain foundations. In fact, it relies on the credibility gained by a handful of independent central banks that have built up a record of proven price stability. Yet this system, oriented to domestic objectives, does not guarantee international financial stability; indeed, because of exchange rate uncertainty, it almost guarantees instability. And the institution that

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: