Walter Bagehot ([1873], 2000) famously commented in his book Lombard Street on the need to adapt a central bank’s governance structure to its changing purpose, writing that “‘putting new wine into old bottles’ is safe only when you watch the condition of the bottle, and adapt its structure most carefully.” This metaphor is particularly useful in understanding new and emerging challenges involved in tailoring the structure of financial policy governance in the post-crisis era.

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