The world was already changing before the global financial crisis as China, India and Brazil emerged as economic superpowers. But the crisis has accelerated the speed and broadened the scope of the shake-up.
The immediate priority for central banks, especially those in developed markets, is going to be re-establishing a baseline of stability. But the markets that central banks oversee, the currency and monetary positions they manage, and the wider economic drivers that they are there in control, are all going to face significant upheaval as a result of the longer term trends explored in Project Blue, such as global and local instability, the rise of state - directed capitalism and the rise and interconnectivity of the emerging markets.
All central banks are facing the urgent need to reassess their strategy and place within the wider regulatory and economic environment but there is no one way for central banks to deal with these challenges, particularly when strategies and objectives are profoundly affected by the economic circumstances and politics of the the central bank's home country.
Read the PwC report for our views on reshaping the policies, responsibilities and operational armoury of the central banks for economies and financial sectors in transformation.