Governments and the public, financial markets especially, have come to expect far too much from monetary policy, Charles Plosser, the president of the Philadelphia Federal Reserve, has warned.

"This notion that central banks are omnipotent is really a problem, and we need to ratchet expectations back to reality," Plosser told Central Banking Publications.

"Everybody seems to think that if the Fed just prints more money and keeps interest rates low, then everything will be fine. That's wrong," he