BIS central bankers’ speeches  7  V.  Concluding remarks  In his recent book, the influential author Robert Shiller notes that “Central banks are an invention that served its purpose at a certain time in history, in a certain kind of environment,” and goes on to say that their time may have passed.7 Central banks could not prevent the bubble and the following Crisis.
Nevertheless, as I have explained today, the role of central banks has evolved over the years and that process is continuing or has even accelerated after the Great Financial Crisis. Our economic system, while bringing us unprecedented prosperity, is an inherently unstable creature because of its dynamism.