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The Future of Central Banking: Inflation Targeting versus Financial Stability

October 17th, 2012

In the session “The Future of Central Banking: Inflation Targeting versus Financial Stability” of the Global Economic Symposium (GES) in Rio der Janeiro the panellists agreed on certain tasks for central banks in the future:

  • First, central banks will have to cooperate more among themselves. Cooperation could be organised through a World Monetary Authority.
  • Second, they have to improve their 'macroprudential' monitoring tools, for example, close observation of asset prices, credit aggregates and other financial indicators.
  • Third, they agreed that unconventional monetary policies are appropriate in times of a systemic crisis. But in the medium to long term, central banks should focus on their main task: the maintenance of price stability.

 


“The Global Economic Symposium (GES) 2012 is being jointly organized by the Kiel Institute for the World Economy (IfW) and the Bertelsmann Stiftung, in cooperation with the German National Library of Economics – Leibniz Information Centre for Economics (ZBW) and in collaboration with the Fundação Getulio Vargas (FGV).

Further information can be found at www.global-economic-symposium.org and at the official GES-blog at blog.global-economic-symposium.org.

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