What is needed, however, is a clear distinction between central banks’ responsibilities with respect to monetary policy and their financial stability tasks. For example, at the level of the EU, a separate European Systemic Risk Board will deal with macroprudential issues, but it will be situated at the ECB, allowing it to draw on the central bank’s resources and analytical capacities.
In a similar vein, the Bundesbank has created a new “Financial Stability” department. 4  BIS Review 67/2010  3. Conclusion  Ladies and gentlemen The financial crisis has stimulated a number of discussions about the optimal conduct of monetary policy. I have touched on only some of them, highlighting the key points.