Let me close here with this reference to Bagehot, which suggests that after more than 130 years and despite several financial crises the basic principles of central banking have not, and should not be, fundamentally changed. Thank you for your attention. References Adalid, R. and C. Detken (2007), “Liquidity shocks and asset price boom/bust cycles.” ECB Working Paper No 732.
Bernanke, Ben and Mark Gertler (1989), “Agency Costs, Net Worth, and Business Fluctuations.” American Economic Review 79 (1): 14-31. BIS Review 40/2008  7  Bernanke, Ben , Gertler Mark and Simon Gilchrist (1996), “The Financial Accelerator and the Flight to Quality,” The Review of Economics and Statistics, Vol. 78, No 1, pp. 1-15.