Control of the federal funds rate is therefore useful only to the extent that it can be used as a lever to influence more important asset prices and  BIS Review 2/2004  1  yields - stock prices, government and corporate bond yields, mortgage rates - which in turn allow the Fed to affect the overall course of the economy.
The emerging view is that the crisis was caused, at least in part, by a lack of coordination and communication between central banks and supervisors and, in the interest of financial stability, it is optimal to entrust regulation and supervision of banks to central banks. Admittedly, this is not a settled issue.