Recent shifts in energy and commodity price trends and the resurgence of the dollar add new elements to the equations that central bankers rely on to chart their courses. One thing that is clear from recent events, however, is that central banking remains as much an art as a science. It differs from country to country, depending on the circumstances and the monetary tools available. There are common standards of excellence, nonetheless, such as a determination to fight inflation to provide a stable environment for growth and a willingness to make tough decisions in the face of strong political pressures. Passing the buck was easy this year, as virtually every central banker could point to global forces beyond their control as the reason for their own failures. Fortunately, there were enough successes to lead one to believe that central bankers as a whole remain on the right track. The Central Banker Report Cards 2008 is presented.
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