As the title of the conference indicates, we will do so at three different levels: responsibilities, strategies and instruments. The most general level is the question of responsibility. Clearly, central banks are – if not by intention then at least by necessity – also responsible for financial stability.
Yet, unlike in the domain of price stability (where central banks are solely in charge), the duty of ensuring financial stability is divided up among a larger number of agencies. This immediately raises the question how to delimit the central bank’s responsibility from the responsibilities of other public bodies, like regulatory agencies. How can we ensure the free flow of necessary information?