Credit crunch to sting into next year

Most economists agree that despite the crisis, the aim of central bank monetary policy should not be overhauled to include preventing financial crises, instead of just providing the funds necessary to mop up the mess.

Forty-nine of 82 said so, but a significant minority, 33, said that some change to policy objectives was needed.

The Fed, and to a lesser extent the Bank of England, has received harsh criticism for leaving interest rates too low for too long, which caused asset prices, particularly home prices, to balloon to unrealistic levels.

In many countries, like the U.S., Britain and Spain, they are now crashing back down to earth, putting economies at risk.

"The credit debacle demands a critical analysis of the role and objectives of the central banks," said Stephen Lewis of Monument Securities in London who has been forecasting interest rates for 38 years. "They have failed in a major way."