V.  Conclusions  If one looks at the history of central banking, it is evident that the objectives of central banking and their balance have changed over time. This movement depends on what are the important objectives of economic policies. Before the current crisis the emphasis was on inflation and, depending on the mandate, also more generally on macroeconomic stability.
This pre-crisis focus on price stability came in part as a response to the Great Inflation of the 1970’s. The current financial crisis has brought the financial stability tasks to the discussions of central banking objectives and practices. New frameworks and tools for macro-prudential supervision and new regulations on the financial system have taken a central position on current policy and research agendas.