A Bank for International Settlements (BIS) report released by the Central Bank Governance group said that central banks across the globe will need more power to control banks if they intend to play a substantial role in supporting financial stability in the post-crisis world. The report encouraged central banks to consider such issues as the structures of the policymaking bodies, their independence, voting habits and finances as their role evolves.

"The current global financial crisis could well have ... important implications for central banks, particularly with respect to their role in fostering financial stability," said the report.

"If central banks are to play a key role in dealing with systemic risk when applying a more macroprudential approach, they may also need to have closer oversight of systemically significant institutions."

Meantime, the single system for the banks to address the new challenges is impossible as long as each bank has its won peculiar features and functions with the economic conditions also differing in every country. Thus, it is clear that codifying financial stability in central bank objectives is also not feasible.

"Financial stability is ... somewhat incomplete as a guiding light for policy actions and as a basis for accountability," it said.

"Financial stability is not an absolute objective -- most economists would agree that financial variables should be flexible, and should change, and sometimes sharply. The question is by how much and in what circumstances."

Global policymakers have agreed that the key lesson from the global financial collapse is that more comprehensive and cooperative financial supervision is needed. The BIS report said accountability and independence also have to be solved when thinking of central bank governance.

"One of the most challenging tasks in central bank design is to organize the governance structure in a manner that permits policymakers to meet their macroeconomic stabilization objectives while remaining accountable for their actions."