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Published online by Cambridge University Press: 18 September 2020
The 1997 system, which appeared to have been functioning so smoothly and satisfactorily, was severely tested after 2007–2008, in what became known as the Global Financial Crisis. Both elements of the new approach to economic governance – the operational independence of the Bank on monetary policy, and the separation of financial supervision – stood as subjects of controversial debate, and a new wave of institutional upheaval set in. There was - and there is - no obvious and easy solution to the question of designing monetary management as part of a broader economic policy-making framework. What is involved in being the very model of a modern central bank is today no longer quite as obvious as it had been at the end of the twentieth century.
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