First, even though central banks have assumed a key role in the crisis, their objective is very clearly defined: to ensure price stability. Second, to achieve this objective, central banks need to be independent. Within this framework, we need to answer all the questions which remain open.
So, there is still a lot of work to be done in terms of both theoretical and empirical research. That’s where universities come into play. They can help us to gain additional insight, and they can help us to come up with new ideas. From an academic viewpoint, these are certainly interesting times.