The effectiveness of both the instruments on which central bankers rely - banking operations and regulatory provisions - have been eroded by the innovation in market practices and the blurring of national frontiers. BIS Review 41/1997  -4-  To some extent this is healthy. Market players are not there to serve us, we are here to serve the economy.
Yet, this downsizing of our role should not be carried too far. There is still a public interest to be promoted that private actions cannot be counted upon to serve. There are still grounds for being proud to serve the public interest and for claiming that central banks should have the means to achieve their ends.