And these days financial stability is about much more than just banks. And yet, the central question remains. What should central banks do? What should their functions be? And what their objectives? Should they focus on both price stability and financial stability? Or just concentrate on price stability and leave financial stability to others?
These are the questions I will discuss in my lecture today. In doing so, I will focus on the role of 2 / 10  BIS central bankers' speeches  the European Central Bank. And to be clear from the start: the ECB has a price stabilitymandate.