Giving central banks greater responsibility for financial stability will put them in the political spotlight, which will be a "serious challenge" to overcome, according to Salvatore Rossi, a deputy governor at the Bank of Italy.

Rossi, speaking yesterday at a precious metals conference, warned that central banks' growing role in financial stability could pose a threat to their independence.

"Putting more power in the hands of central banks is likely to increase the political pressure on them,"