As someone who worked in asset/liability management for 17 years in the private sector and more recently at the Bank for International Settlements (BIS), how central banks manage their financing is a subject that has fascinated me for quite some time. For some, the subject is seen as somewhat arcane - not that relevant to the "real" business of central banking, and even less relevant to the outside world. Although I agree that the real business of central banking should not be driven by