One of the further consequences of the crisis has been a rediscovery, or at least a substantial upgrading, of the role of central banks in financial stability policy. Central banks played a crucial part in the initial crisis response by providing emergency liquidity support to institutions and to markets under strain.
1  Financial stability and credit markets in Europe: Opportunities and risks in the current setting Professor Claudia M. Buch (Deutsche Bundesbank)  Dinner talk at the second Süddeutsche Zeitung conference on the topic of “private debt and direct lending” Frankfurt am Main 18 September 2018  It is nearly ten years ago to the day that the global financial crisis reached its initial peak.