Macro-prudential policies address root of stability problems, says SNB’s Danthine


Jean-Pierre Danthine, a member of the governing board at the Swiss National Bank, on January 24 said macro-prudential measures would be less costly to an economy than policies that attempt to lean against the wind.

At the University of Zurich in Switzerland, Danthine said the huge cost of the recent financial crisis had decreased the weight of objections to ‘leaning against the wind' policies. However, he said an unfavourable trade-off between financial stability and output growth exists when

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