Creating Credit and Rating It: New Kids on the Block in Post Crisis Global Finance

"One of the most intriguing developments since the financial crash of 2007/8 is the way it propelled Central Banks to the forefront of financial innovation and policy formation. As the political authorities abandoned activist macro-economic management and set their Treasuries and Finance Ministries the sole task of cutting public expenditure and organizing for austerity, the Central Banks took on any management of the economy that was permissible or that they could get away with. ...“