Ageing populations will impact CB policy: Trichet

The real interest rate expected to clear the capital markets in developed economies is likely to decline over the coming decades because of population ageing.

Aside from the impact on real interest rates, Jean-Claude Trichet, the president of the European Central Bank, said population ageing and the consequent escalating wealth-to-GDP ratios could mean the wealth channel is more important for the transmission of monetary policy actions.

Speaking in Maastricht last week, Trichet said: "These

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