"The current crisis will have far-reaching consequences for the role and responsibilities of central banks. They will need to pay greater and more symmetric attention to financial considerations in framing their monetary policy. They will also need to play an important role in any macroprudential policy framework that is set up - even when they are not responsible for detailed implementation. But wider responsibility requires greater accountability. Strengthened governance arrangements must both ensure accountability and provide central banks with the autonomy needed to conduct monetary policy and financial stability policy."
Abstract of a speech by Mr Jaime Caruana, General Manager of the BIS, to the Observatory of the European Central Bank, on 19 January 2011.
For the full text of the speech, follow this link to the BIS website.