Monetary policy needs financial analysis
Monetary policy should systematically incorporate financial analysis into its assessment of the risks to price stability, new research from the European Central Bank posits.
The analysis also shows that monetary policy should "lean against the wind" of asset-price bubbles. The research also finds that given the interlinkages among financial markets worldwide macrofinancial surveillance at the international level needs to be strengthened and monetary policymakers need to cooperate and exchange
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