European central bankers see room for fiscal-monetary co-operation

Pandemic showed it was “critical” for both policies to work together, say central bank governors

Olli Rehn
Olli Rehn: fiscal and monetary policy “can be and should be mutually reinforcing”
Friends of Europe

Fiscal and monetary policy-makers were right to work together in tackling the economic fallout of Covid-19, several central bank governors said in recent remarks.

For a long time, economists viewed the two types of policies in isolation – indeed, this isolation was seen as vital to preserving central bank independence. But the pandemic showed it was “critical” for both to work together, said Robert Holzmann, governor of the National Bank of Austria.

Holzmann told the Warwick Economics Summit

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