By responding in detail to recent foreign criticisms of the Federal Reserve's policies, Stanley Fischer, vice-chair, has opened up the debate on the international ramifications of central bank policies and policy models. His argument, given in his recent Per Jacobsson lecture is couched in terms that invite a reasoned dialogue. The lecture was given before last week's market turbulence, which turned all eyes onto the central banks again. Whereas former chairman Ben Bernanke became notorious for