It is an honour to which attach a lot of value. Central banks – triumph and tribulation 2. In the years before the crisis, central bankers were a triumphant lot. The Great Moderation that they took credit for brought steady growth and low inflation in advanced economies, and rapid growth and stable inflation in emerging market economies (EMEs).
Ben S Bernanke: Regulatory reform Testimony of Mr Ben S Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, before the Committee on Financial Services, US House of Representatives, Washington DC, 1 October 2009. The original speech, which contains various links to the documents mentioned, can be found on the US Federal Reserve System’s website.