The Age of Activist Central Banking is in its zenith. The calls for fiscal austerity around the globe are underpinned by the belief that CBs will do anything to support the system. Monetary policy as a tool has morphed into a Mulligatawny of facilities, activities and charades all designed to perpetuate a myth. The myth being their own significance. Forget hyperbolic rants for the Fed's dissolution. Central Banks do have a simple necessary purpose. The Fed and the ECB are losing efficacy because of classic mission creep.
The reality, coming to the capital markets near you soon, is the disappointment that results when the myth explodes. Never in history has so much chaos been heaped upon the world all in the name of "stability." Stability is a condition not a policy objective. The clamor for austerity should include Central Bank interventionist ka-noodling. As monopolists in moolah, they can target price or quantity. The Fed moves to "quantity" at interest rate extremes. The ECB clings to a price target while running a closeted quantitative mess. Expect less from your Central Bank and they will disappoint you less often.
The financial crisis allowed a misconception to solidify as a "given" : Markets are evil and destructive and thus, must be ring fenced. I don't subscribe to the premise, so I cannot advocate for the present "solution."