Interaction for Monetary and Financial Stability: Central Banks as Main Actors in the Global Financial System

Abstract

Since the beginning of the financial crisis, it seems that central banks (CBs) have been increasingly forced to operate as firefighters. Therefore, their actions have drawn criticism on the global stage, as well as at national and supranational levels. Due to this cross fire, even now, it seems reasonable to sketch the role of CBs within the scope of the global financial system.