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Crossing the Rubicon of Price Stability

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Add to Bookmarks Apr 29, 2021 The traditionally conservative world of monetary policymaking is undergoing a revolution, with many central bankers now aiming to align their institutions with efforts to combat global warming and inequality. How can policymakers best address these issues with their existing mandates and tools – and should they tackle others, too? In this Big Picture, Daniel Gros of the Centre for European Policy Studies says that greening Europe’s monetary policy would encroach on the responsibilities of governments, and is thus incompatible with

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The traditionally conservative world of monetary policymaking is undergoing a revolution, with many central bankers now aiming to align their institutions with efforts to combat global warming and inequality. How can policymakers best address these issues with their existing mandates and tools – and should they tackle others, too?

In this Big Picture, Daniel Gros of the Centre for European Policy Studies says that greening Europe’s monetary policy would encroach on the responsibilities of governments, and is thus incompatible with central banks’ political independence. But Barry Eichengreen of the University of California, Berkeley, explains why central banks can no longer shy away from addressing climate change and inequality, and advises them to direct their regulatory powers at...

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