Overburdened central banks may become ‘repoliticised’, says Orphanides
Central banks that take on responsibilities for fiscal sustainability or financial stability in addition to targeting steady prices may find themselves missing all three targets, according to a discussion paper by former Central Bank of Cyprus governor Athanasios Orphanides.
In the paper, Is Monetary Policy Overburdened?, published by the Federal Reserve Bank of Boston, Orphanides argues that the cost of central banks stepping into the breach may outweigh the benefits, as governments delay
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