Confidence in the central bank faces a severe test when a disaster strikes, and in order to pass that test, the bank must succeed in guarding the physical in addition to the functional stability of the financial system and the markets of the economy.
They have been strong since the global financial crisis, decreased somewhat  2  See Aizenman, J., Chinn M. and Ito. H, (2015) “Monetary Policy Spillovers and the Trilemma in the New Normal: Periphery Country Sensitivity to Core Country Conditions”, NBER Working Paper No. 21128, April 2015.