The US FSOC (Financial Stability Oversight Council), Europe’s ESRB (European Systemic Risk Board), the UK FPC (Financial Policy Committee) set up to carry out macroprudential policies since the crisis show that the central bank plays a leading role within the financial stability policy agencies.
A second point is that even if central bank transparency and communication has helped anchoring market-based inflation expectations, they do remain rather volatile. The volatility itself is a signal that is useful for us to understand. However, even if markets are volatile, central bank policy cannot be volatile.