CentralBanking.com (CB): Many central banks are now being given enhanced powers to better safeguard financial stability. What are the governance implications of this?
John Mendzela (JM): What does financial stability mean in the real world? For some years now, this concept has been discussed in an overly abstract manner. The term needs to be clarified along several dimensions in a practical, not theoretical, way. Who should do that? In practice, it will be up to the central banking community to