There is a tradition of the central banker as a worldly philosopher, who stands up for long-term sensible policy, and this tradition makes it politically easier for central bankers to do the right thing. In fact, while the world’s central banks did not see the current crisis coming and did not take steps before 2007 to relieve the pressures that led to it, they did react decisively and energetically as the crisis unfolded, with coordinated international action.