1. Introduction and overview Philipp Hartmann, Haizhou Huang and Dirk Schoenmaker; Part I. Monetary Economics and Policy: 2. Money: how could economists do without it? Mervyn King; 3. Monetary control in the UK: the impossible dream? Forrest Capie and Geoffrey Wood; 4. Pristine and parsimonious policy: can central banks ever get back to it and why they should try Paul Tucker; 5. Central bank talk about future monetary policy: lessons from the crisis and beyond Donald Kohn; 6. Bank capital and monetary policy transmission Hyun Song Shin; 7. When are central banks more likely to target asset prices? Haizhou Huang; Part II. Financial Stability and Regulatory Policy: 8. The macroprudential toolkit Richard Berner; 9. Three cooks or three wise men? The interplay between monetary, macroprudential and microprudential policies in supporting financial stability José Viñals, Tommaso Mancini-Griffoli and Erlend Nier; 10. Liquidity, default and the interaction of financial stability and monetary policy Dimitrios Tsomocos, Udara Peiris and Alexandros Vardoulakis; 11. Systemic risk quantification for macroprudential stress testing Miguel Segoviano and Raphael Espinoza; 12. What binds? Interactions between bank capital and liquidity regulations Anil Kashyap and Stephen Cecchetti; 13. Is burden sharing needed for financial stability? Dirk Schoenmaker; Part III. Foreign Exchanges and International Architecture: 14. The case for (and requirements of) monetary unions Charles Wyplosz; 15. Machines versus humans: will human forex dealers become extinct? Takatoshi Ito; 16. The case for flexible exchange rates revisited Robert Aliber; 17. Cross-border banking and monetary independence: difficult partners Marcus Miller; 18. International liquidity Philipp Hartmann; Part IV. The Millennium Challenges of Central Banks: 19. Overburdened central banks - can independence survive? Ottmar Issing; 20. Central banks, national balance sheets and global balance Andrew Sheng; 21. Recognising the economy as a complex, adaptive system: implications for central banks William White; 22. The changing fortunes of central banking Charles Goodhart.