As noted in the paper, ‘central banks would find it difficult (even ex post) to defend potentially unpopular measures, precisely because they succeeded in maintaining financial stability’. Any perceived failures on the financial stability front have the potential to undermine monetary policy independence through a general loss of credibility of the central bank.
In conclusion, the role of central banks has changed since the global financial crisis. There is a sharper focus on financial stability issues, and there is also a different way of looking at these issues. This, however, does not mean that other areas of policy have been downplayed.