Although Central Banks have pursued the same objectives throughout their existence, primarily price and financial stability, the interpretation of their role in doing so has varied. We identify three stable epochs, when such interpretations had stabilised, ie: 1.The Victorian era, 1840s to 1914; 2....

The Changing Role of Central Banks derives lessons from current economic and financial challenges as well as failures in confronting them. Through this approach, it brings under perspective political and social reactions to major economic problems of the last ten years, particularly those...