Central bankers are being put to the test. The process of the normalisation of interest rates to rein in global excess liquidity and leverage has suddenly been hit by one of the worst financial crises to date. Now central bankers need to bring the normalisation process - which they kick-started belatedly, one might add - to fruition while making sure the real economy does not suffer unduly. The challenge plays out on three fronts: money market operations; communication and leadership; and