In his recent best seller, “The Ascent of Money”, Niall Ferguson says that sometimes the most important historical events are the non-events: the things that did not occur. The spectacular non-event of this crisis is that the Great Recession did not turn into the second Great Depression as we had feared. For this central banks should get a part of the credit.
But they cannot rest on their laurels – they have big challenges ahead as the crisis winds down. Their biggest challenge by far is to regain their credibility. BIS Review 16/2010  7