2  BIS Review 29/2004  In the remainder of my remarks this morning, I will draw out some of the implications of these long-run trends for the core responsibilities of many central banks, which include the conduct of monetary policy, bank supervision and regulation, and crisis management and liquidity assistance.
Sound monetary policy buttressed domestic currency stability and laid the foundation for financial system to develop steadily. 2. Financial Markets remained broadly stable. Money market developed rapidly and orderly so that its ability to allocate resources increased evidently. Bond market innovation and  1/5  development speeded up and market operation remained stable.