Die Rolle der Zentralbanken – 10 Jahre nach der Finanzkrise

For central banks, the financial crisis 2008 led to new insights, but it also confirmed old insights. Old insights that were confirmed concern crisis management, namely the necessity and effectiveness of the central bank’s role as a lender of last resort. The fact that the Fed could not play this role in the case of Lehman Brothers is an important reason why the crisis worsened significantly. New insights concern crisis prevention. The crisis showed that price stability, or even macro stability are not sufficient for financial stability. Therefore, central banks have been asked to widen their financial stability mandate beyond crisis management, and to be more active in crisis prevention. To do this, they have been given macroprudential policy tools. Finally, the various measures that central banks undertook during the crisis have led to an unprecedented increase in their balance sheets. However, this legacy of the crisis does not fundamentally change the way central banks conduct…