At a seminar of the European Stability Mechanism this month, Bank for International Settlements General Manager Agustin Carstens delivered a speech called, 'Shelter from the Storm'.

The speech can be summarised as follows:

The IMF may not have enough resources to manage a future financial crisis

The post 2008 'recovery' was nurtured by central banks

Central bank intervention has coincided with the increased accumulation of debt in both major and emerging economies

The challenge for central banks is to meet their inflation target

Governments must quickly implement 'growth-friendly structural reforms' as monetary policy is 'normalised'