Norges Bank

Press release

New book: Central Banks at a Crossroads

On the occasion of Norges Bank's bicentenary and the international symposium "The interaction between monetary policy and financial stability" Norges Bank launched the book "Central Bank at a Crossroads - What Can We Learn from History". The book is published by Cambridge University Press.

The book provides a broad overview of the evolution of central banks through history until the present. It identifies recent trends in the development of central banks in the aftermath of the recent financial crisis, and provides a valuable historical background to the current debate about the role of the central bank.

The book is edited by

  • Michael D. Bordo - Professor of Economics and Director of the Center for Monetary and Financial History at Rutgers University­, New Jersey
  • Øyvind Eitrheim – Director at Norges Bank
  • Marc Flandreau - Professor of International History at the Graduate Institute of International Studies and Development in Geneva
  • Jan F. Qvigstad – Executive Director at Norges  Bank

More about the book

Throughout their long history, the primary concern of central banks has oscillated between price stability in normal times and financial stability in extraordinary times.

In the wake of the recent global financial crisis, central banks have been given additional responsibilities to ensure financial stability, which has sparked intense debate over the nature of their role.

Bankers and policymakers face an enormous challenge in finding the right balance of power between the central bank and the state.

This volume collects research and historical analysis from several international experts and policymakers, presented at the international conference “Of the uses of central banks: Lessons from history” held at Norges Bank on 5-6 June 2014.

The contributions focus on four key aspects of the central bank and its evolution:

  • Its role as an institution
  • Its role within the international monetary system
  • How to delineate and limit its functions
  • How to apply the lessons of the past two centuries

The book is published by Cambridge University Press, and can be purchased through Cambridge Books Online.

About Norges Bank’s bicentenary book project

This book is one of four books being launched in connection with Norges Bank's bicentenary. Each book is aimed at a different group of readers. "Central Bank at a Crossroads" is primarily aimed at an international audience of professionals.

On Friday June 10, the history books "Norges Bank 1816-2016" and "Norges Bank 1816-2016 – A pictorial history" were launched. These volumes target a broad Norwegian audience.

The book "A Monetary History of Norway 1816-2016" will be launched later in 2016, and is aimed at an international audience of professionals.

Norges Bank's bicentenary book project is headed by Executive Director Harald Bøhn, Director Øyvind Eitrheim and Executive Director Jan F. Qvigstad.


Press telephone: +47 21 49 09 30

Published 17 June 2016 11:15