Under certain circumstances, the central bank may also lack the necessary tools to achieve its policy objectives; or it may have to cope with deficiencies in the institutional setting – and I have plenty to say about the institutional setting and the difficulties created for the central bank by a lack of the right institutional setting – or it may have to cope with failures in coordination with the other relevant policy-making authorities.
And when we speak about coordination and risks for central banks, we also have plenty to say. Materialisation of these risks may lead to a late recognition of accumulating imbalances. This, in 1/4  BIS central bankers' speeches  turn, results in a failure to prevent imbalances from reaching a point when disruptive adjustment becomes inevitable and a crisis emerges.