Central banks and banks: a changed relationship

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Since the 1980s, the liberalisation of international capital movements, as well as the increased size and complexity of money markets, radically altered the interactions between central banks and commercial banks. The relationship further transformed in the wake of the global financial crisis as central banks embraced unconventional monetary policies, including negative rates, new lending operations and quantitative easing (QE). The result was central banks had to develop new capabilities to

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