Ueda on the role of capital for central banks

In a speech on 'The Role of Capital for Central Banks' given on 25 October (published 27 Feb), Kazuo Ueda of the Bank of Japan said political-economy constraints in the real world may prevent central banks from fulfilling their responsibility to maintain price stability, if their financial strength deteriorates substantially.

At times, he said, the government, from a short-term perspective, can be attracted to excessively easy monetary policy in order to stimulate the economy. Likewise, the

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