This is particularly true for central banks, as their primary mandate of ensuring price stability not only has to be internally reconciled with efforts to better ensure financial stability, but is at the same time exposed to a crisis situation in which the line between monetary and fiscal policy is growing increasingly blurred.
In this situation, we are well advised not to overburden central banks. Primarily, they should continue to focus on maintaining price stability, a task at which they have an excellent and proven track record. In addition, central banks will play an important role in macroprudential policy, both at the national and at the international level, for example as members of the ESRB.