In the decades before the crisis, financial stability steadily lost its importance as an explicit central bank policy objective. The question, therefore, was how to focus on financial stability along with monetary policy. What was it that the central banks needed to do differently? Move away from hard inflation targeting to a more diverse role?
Accordingly, the theme of the first conference was “Challenges to Central Banking in the Context of the Financial Crisis”. Since the FIRC, the challenges for central banks have only increased.