BIS’s Restoy: Covid-19 blurs lines between policy instruments

Fernando Restoy
Fernando Restoy
Daniel Hinge

The financial shock caused by Covid-19 has shown how blurred the lines are between the domains of different policy instruments, writes Fernando Restoy.

The head of the Bank for International Settlements’ Financial Stability Institute weighs up the case for having a single framework for macro- and micro-prudential policy, overseen by a single institution – namely, the central bank – in light of the pandemic.

Covid-19 has shown the importance of co-ordinated action, Restoy notes. “For the first

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