NEW YORK (Reuters) -Central banks should still be able to conduct monetary policy effectively and perhaps be even nimbler in a more decentralized financial system, according to the findings of a joint report released on Wednesday by the New York Federal Reserve and the Bank for International Settlements. The report said a prototype system designed to conduct monetary policy in a financial system reliant on new, more automated systems "successfully responded and instantaneously carried out the intended operation under the varying market conditions, consistent with the central bank's desired liquidity environment." The prototype created for the study showed there's even the possibility of central bank monetary policy working even better under a decentralized financial system.