In many cases they held direct regulatory responsibilities for dealing with troubled institutions, or else cooperated closely with the agencies exercising those powers. And they have played a key advisory role in helping to shape the post-crisis regulatory environment around the world.
During this period, governments in a number of jurisdictions have taken steps to strengthen the financial stability mandates of their central banks and in some cases have given them additional regulatory powers to that end. One commentator has gone so far as to say that the financial stability role of central banks has been rediscovered with a vengeance 1.