BIS’s Hannoun backs central banks' right to surprise markets

bis-1
The BIS

The Swiss National Bank (SNB) was right to jolt markets out of their addiction to central bank support when it abandoned the Swiss franc ceiling, according to Hervé Hannoun, the Bank for International Settlements' outgoing deputy general manager.

"Behind the enthusiasm of market participants for extreme monetary policy, of course, lurks the fear that asset prices might collapse when the music of monetary easing stops," Hannoun told an audience at the Eurofi High-Level Seminar in Riga last week.

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