Central banks have ‘irreducible’ role in financial stability

Malcolm Edey highlights central banks’ role as ‘managers of system liquidity risk’


Malcolm Edey, an assistant governor at the Reserve Bank of Australia (RBA), believes central banks retain an "irreducible role in financial stability" regardless of whether they have formal prudential regulatory powers.

Edey, speaking in Queensland at the weekend, said central banks impact financial stability through their position as "managers of system liquidity risk" and their "associated role" in crisis management.

"What is important," Edey said, "is that this function be effectively

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