Central Banking Post-Crisis: What Compass for Uncharted Waters?

23 Pages Posted: 19 Oct 2011

See all articles by Claudio E. V. Borio

Claudio E. V. Borio

Bank for International Settlements (BIS) - Research and Policy Analysis

Date Written: September 1, 2011

Abstract

The global financial crisis has shaken the foundations of the deceptively comfortable pre-crisis central banking world. Central banks face a threefold challenge: economic, intellectual and institutional. This essay puts forward a compass to help central banks sail in the largely uncharted waters ahead. The compass is based on tighter integration of the monetary and financial stability functions, keener awareness of the global dimensions of those tasks, and stronger safeguards for an increasingly vulnerable central bank operational independence.

Keywords: central banking, monetary and financial stability, macroprudential, own-house-in-order doctrine, operational independence

JEL Classification: E30, E44, E50, G10, G20, G28

Suggested Citation

Borio, Claudio E.V., Central Banking Post-Crisis: What Compass for Uncharted Waters? (September 1, 2011). BIS Working Paper No. 353, Available at SSRN: https://ssrn.com/abstract=1946177

Claudio E.V. Borio (Contact Author)

Bank for International Settlements (BIS) - Research and Policy Analysis ( email )

CH-4002 Basel, Basel-Stadt
Switzerland

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