Central banks have had an important role in maintaining financial stability through their lender of last resort role … the most recent crises in both the United States and euro area, the Federal Reserve and European Central Bank (ECB) have … experience of these two central banks and draws some implications for future policy. …

responsibility for payments and settlement systems, there is a broad consensus that central banks should play a key role in … inflows. This paper reviews the recent literature on this topic and identifies relevant lessons for central banks, especially … the former, and that central banks should have a financial stability mandate and the policy tools to successfully pursue …

standards. Fortunately, the PRC's financial system has proved resilient to the recent financial crisis. As a result, banks in … prevent banks from becoming too complicated for bankers to manage and for the regulator to supervise. As we work hard to …

illustrated how they can be successfully established, ASEAN can itself leverage on its current cooperative forums in creating a …

prudential objectives, which may not be possible if banking supervision is separated from central banks. It also notes that …