Claudio Borio calls for revised monetary frameworks
Former BIS economist says central banks should tolerate mild deflation and aim for ‘nimbleness’
Former Bank for International Settlements economist Claudio Borio has urged central banks to make wide-ranging reforms to their monetary policy frameworks, including greater tolerance of mild deflation and more focus on financial imbalances.
In a speech delivered in Frankfurt on September 30, and published for the first time today (October 6) in Central Banking, the former head of the BIS’s monetary and economic department said: “My central message is that there is room to improve current
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: www.centralbanking.com/subscriptions
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Operating framework
MNB seeks closer alignment with ECB, lowers inflation target
Monetary policy decisions will also be reduced from 12 to eight each year from 2027
Relying on ECB to fight inflation ‘no longer viable’ – paper
Researchers argue EU should co-ordinate with central bank to tackle ‘shockflation’
Repos key to post‑Covid balance sheet reduction – RBNZ
Assistant governor says further repo growth will support monetary policy, liquidity, capital markets
Waller steps up to the plate with rationale for rate setting
Fed governor compares himself to baseball umpire and says data will determine his next FOMC vote
Ample reserves can yield highest welfare – BoE paper
Central banks face trade-off between financial stability and resource misallocation, author says
Reconsidering the role of money in monetary policy
Euro policy architect Otmar Issing argues that central banks must improve their flawed inflation targeting frameworks
EU banks shrug off mooted minimum reserves increase
Doubling of unremunerated reserves would curb Eurosystem losses, but banks doubt it will pass
Overnight reverse repos are for managing liquidity, says PBoC
Deputy governor reiterates that seven-day facility still provides benchmark lending rate