Central banks need to avoid dependence on markets, officials say

ECB president Mario Draghi announces new stimulus

Central banks need to reduce their dependence on bond market expectations, while safeguarding the smooth transmission of monetary policy, say former officials.

In a conference organised by the European Central Bank in Frankfurt today (December 18) to pay tribute to departing executive board member Benoît Cœuré, academics and policy-makers reflected on the bond market’s influence on monetary policy.

“It is important for central banks to build a culture that does not behave as paying too much

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