Around the world, governments groped towards a sustainable solution for combining the benefits of financial intermediation with stability.
Progress was not necessarily always steadily in the right direction, 6 but one of the key developments was the gradual evolution of the institution we would today  4  See Sykes, T. (2003), ‘Tulips from Amsterdam’, in T. Richards and T. Robinson (eds), Asset Prices and Monetary Policy, Proceedings of a Conference, Reserve Bank of Australia, Sydney, pp. 194–202.