This could also of course reflect the fact that central banks have been more interested in inflation than in dealing with deflation. BIS central bankers’ speeches  7  cleaning vs. leaning against has emerged18, i.e. whether central banks should place more emphasis on crisis resolution, as the usual lender of last resort, or on ex ante crisis prevention.
Prior to the global financial crisis, of course, nothing could being about conclusion that satisfied everyone. Before the crisis broke out, a general view was that central banks are responsible for price stability through their monetary policies, and the regulatory or supervisory authorities for the duties related to financial stability.