The central bank as crisis manager

The world’s central banks have confronted crisis after crisis in recent years – both before and since the 2008 financial crisis. Yet many of these events seem to take central banks by surprise, obliging them to improvise.

Patrick Honohan, former governor of the Central Bank of Ireland, joins OMFIF to discuss his recent book, The Central Bank as Crisis Manager, which calls on central banks to make preparation for crisis management a core activity. He outlines how central banks must speed up their decision making, change their style of communication and be more open to cooperation with governments when a crisis hits.