Who Should Safeguard Financial Stability?
Central bankers around the world failed to see the current financial crisis coming before its beginnings in 2007, and thus did not act to relieve the pressures that led to it. But central bankers are still the people who are in the best political and institutional position to ensure financial stability.
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NEW HAVEN – Central bankers around the world failed to see the current financial crisis coming before its beginnings in 2007. Martin Čihák of the International Monetary Fund reported in July 2007 that, of 47 central banks found to publish financial stability reports (FSRs), “virtually all” gave a “positive overall assessment of their domestic financial system” in their most recent reports.