The role of central banks as a hinge on which the financial system
rests has returned to the top of the political agenda in recent
years. The global financial crisis has resulted in many changes for
central banks, including renewed power in financial supervision and
reduced restrictions in their implementation of monetary policies.
This book argues that central banks play a key role in financial
systems, presenting the European Central Bank as a specific example
of an institution that uses its uniquely independent position and
wide margins of discretion to provide an array of important
functions. It illustrates how central banks promote the security
and efficiency of payment systems, pursue price stability, and
accommodate the optimal utilization of the resources, labour and
capital available to an economy. Stabilising Capitalism
demonstrates how these institutions also aid in dealing with the
risk of financial collapse and permit the continuity of public
expenditure when the government is unable to place securities in
the bond market. The author concludes by suggesting that although
many consider the idea of this role for central banks to be
outdated, these institutions form the root of the capitalist market
economy and act as a bastion against financial instability.
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