A central bank is the cause of many evils. It lets the government steal from present and future populations through the 'creation' of money that is really the creation of DEBT, and emboldens the government to do things it would not be able to do if forced to actually attempt to raise revenue through taxes. It is sold to the public as a force that can manage the economy and prevent problems. Think about that. Who has "managed economies"? These things belong to countries that practice socialism. Economies in truth cannot and will not be managed. A country that claims to be capitalistic is lying to itself when it has a central bank. Besides this philosophical objection, the track record of the Fed over even just the last five years proves they do not foresee problems before they happen and cannot correct them after they happen, either. The question you pose seems to be about the same as asking what changes should be made to the system that requires people to submit applications so they can be granted the right to use a "free speech" zone. One has to take a step back, look at the big picture, and realize the entire premise that the thing should even exist is in error. This is not something that can be fine tuned into "good".

A complete dismantlement.