Without such efforts made by central banks, the Lehman shock could have induced a complete termination of financial transactions. If I am asked what the most significant contribution by central banks is in terms of securing economic and financial stability in the past quarter of a century, I could point to their unceasing efforts to improve payment and settlement systems. III.
After the crisis: the effects and limits of aggressive monetary policy  Lastly I would like to discuss the role of monetary policy in the aftermath of the financial crisis – specifically, when the economy has overcome acute pains but still suffers from chronic affliction of low growth associated with balance-sheet repair (Chart 10).