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.. .Central Banks into the Breach Central Banks into the Breach FROM TRIUMPH TO CRISIS AND THE ROAD AHEAD Pierre L. Siklos 1 Oxford University Press is a department of the University... it is far from clear where we stand But the same feeling of certainty that led the central banks to congratulate themselves as the financial storm was brewing is beginning to seep into the policy... acceptance of the idea that central banks also ought to concern themselves with stability of the financial system 8 { Central Banks into the Breach The difficulty begins, however, when they are