Klaas Knot on ECB policy-making, the FSB and central bank ‘capture’

The DNB president talks about unconventional policy, inflation target ‘bands’ and ‘circuit-breaking’

Klaas Knot
Photo: Ervin Mehovic/DNB

Since you joined the Governing Council of the European Central Bank in 2011, the ECB has gone through the sovereign debt crisis, a sluggish recovery accompanied by stubbornly below-target inflation, the implementation of negative rates and its Asset Purchase Programme (APP), and now the Covid-19 crisis. How has central banking changed, and what are some of the lessons learned?

The first lesson is that the lender-of-last-resort function of a central bank has become much more prominent again. One

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