Bundesbank's Weber on the role of interest rates

In the speech 'The role of interest rates in theory and practice - How useful is the concept of the natural real rate of interest for monetary policy?' given on 9 March Axel Weber of the Bundesbank said setting interest rates against a benchmark estimate of the natural or neutral level for rates cannot be the best way of taking monetary policy decisions.

'The natural rate cannot be a surrogate for a detailed analysis of the real and monetary forces relevant for the identification of risks to

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