Independent central  8  On the relationship between fiscal sustainability and financial system stability, as well as price stability, please see Masaaki Shirakawa, “The Importance of Fiscal Sustainability: Preconditions for Stability in the Financial System and in Prices” (Remarks at the Banque de France Financial Stability Review Launch Event in Washington D.C.), April 21, 2012. http://www.boj.or.jp/en/announcements/press/koen_2012/ data/ko120422b.pdf  9  For more on this point, please see Masaaki Shirakawa, “The Roles, Missions, and Challenges of the Central Bank” (Speech at the Japan National Press Club in Tokyo), January 25, 2013. http://www.boj.or.jp/ en/announcements/press/koen_2013/data/ko130130a.pdf  10  BIS central bankers’ speeches  banks are obviously expected to explain the effects as well as costs of measures in the longer term.
I believe this is what accountability means. As the experience of the global credit bubble in the mid-2000s suggests, time and again, the seeds of new problems and unexpected crises have already been sown as authorities respond to a problem.