3  See, for example, Borio and White (2004). 2  BIS Review 101/2010  Regarding the central bank’s role in preventing financial instability, we should note that before the recent crisis many macroeconomic models, including the conventional models of monetary economics used by central banks, paid insufficient attention to the financial markets.
This new group is more representative of the interconnected global economy and financial system and can more effectively mobilize to promote global financial stability than anything that existed before.