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Excerpt from Council on Foreign Relations -- "The reason I think there is pressure now is that whereas in the context of monetary policy, around the world, central banks have evolved a very clear mandate and a system of accountability that was not challenged. When the crisis came, the actions that central banks were called upon to take to act as a lender of last resort were things for which there was not a very clear mandate. And in particular, the Federal Reserve pushed the envelope very hard, right up to the boundary of what could legitimately be said to be within its legal remit, and that was done in order to help protect the United States and its economy."

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