This essay analyses how the role of central banks changed since the global financial crisis, and how this directional change was accelerated by the outbreak of Covid-19.

More than a century after Hartley Withers's "The Meaning of Money" and 80 years after Keynes's "Treatise on Money", the fundamentals of how banks create money still needs explaining and this book meets that need with clear exposition and expert marshalling of the relevant facts.