Since 2008, central banks have been managing crises and no longer have medium-term objectives

Central banks normally have medium-term objectives: Stabilise inflation in one or two years; Ensure financial stability (absence of bubbles and overindebtedness). It is also estimated that it takes on average six quarters for monetary policy to have an effect on the real economy. But since 2008, central banks’ mandate has become one of emergency crisis response in order to prevent: A bank liquidity crisis; Financing problems for governments or companies. Central banks have lost any reference to medium-term objectives, which is a concern - especially for future financial stability.