When central banks invest in public trust by demonstrating their transparency and accountability, and by promoting economic literacy, they are in fact investing in financial and macroeconomic stability "for the rainy day". Financial stability and role of monetary analysis Financial globalization and the related phenomenon of declining risk premia have required central banks to attach increasing weight on financial stability considerations.
Therefore, let me just make a few points about financial stability from central banks' perspective, and the role of monetary analysis in this context. One set of important issues relates to the need to ensure that central banks' role in, and strategies for crisis management and resolution are sufficiently clear.