Price stability should remain the core focus of monetary policy and macroprudential policy should pick up the slack where financial stability is concerned, IMF directors have said.
In a discussion on 18 June, the Fund's executive board found that these were two key lessons for central banks from the recent crisis. The paper containing their conclusions, published by the IMF on Tuesday, also calls for changes to central bank's liquidity operations and crisis management frameworks.
The crisis had
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