Robert Pringle’s Viewpoint: Central bank macro-prudential powers are no panacea


Central bankers are excited about the new responsibilities and instruments they are getting to fight the good fight of financial stability. But amid the euphoria, a dose of healthy scepticism is required.

First some background. In the past 20 to 30 years, as the more thoughtful central bankers readily admit, the guardians of monetary stability overlooked the importance of monitoring bank balance sheets, credit and asset prices. When the pre-crisis asset boom took off, supported by permissive

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