Central banking enters a new era

‘Monetary financing’ and ‘buyer of last resort’ traps lie in wait

The age of independent central banks pursuing a narrow, well-defined monetary policy targets is under threat – at least, in much of the developed world. Even prior to the ‘great lockdown’, central banks had struggled to remove ‘temporary measures’ introduced in response to the 2007/2008 global financial crisis and the 2012 twin eurozone banking and sovereign debt crisis. Extraordinarily loose monetary policy remained the order of the day in most of the developed world, with interest rates stuck

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