6  BIS Review 37/2008  Before concluding this section, it is instructive to explore explanations for what I may call globally prevalent noises in regard to relations between central banks and Governments, especially the Ministry of Finance. First, the very purpose of creating a central bank is to have a slightly longer term view of macro-economic management.
Tonight, I would like to take the opportunity to turn to a topic that is not directly related to the topic of our conference but is of key relevance, also for emerging markets. I am going to discuss three aspects of the recent financial market turbulences that I find particularly important.