The quest for global monetary policy coordination

This paper puts forward a proposal to help monetary policies confront the challenge of the “normalisation” of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue that globa...

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Published inEconomics. The open-access, open-assessment e-journal Vol. 13; no. 1
Main Authors Bruni Franco, Serrate José Siaba, Villafranca Antonio
Format Journal Article
LanguageEnglish
Published De Gruyter 01.12.2019
Subjects
central banks
e51
e58
e61
e63
f33
f42
financial stability
global cooperation
international institutions
monetary policy
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Summary:This paper puts forward a proposal to help monetary policies confront the challenge of the “normalisation” of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue that global coordination is crucial to facing this challenge. They propose to convene appropriate official meetings to coordinate in an explicit, formal, and wellcommunicated way the process of normalisation and the discussions on the needed longterm changes in the strategy and institutional setting of monetary policies.
ISSN:1864-6042
DOI:10.5018/economics-ejournal.ja.2019-5