Cyprus’s Orphanides on risk of activist approach to monetary policy
Athanasios Orphanides, the governor of the Central Bank of Cyprus, on March 4, said the crisis highlighted risks associated with using monetary policy to fine-tune the economy.
At the International Symposium of the Banque de France in Paris, Orphanides said: "The crisis has reaffirmed the danger associated with the temptation to fine-tune the real economy, in addition to maintaining price stability."
Orphanides identified two contrasting views towards setting monetary policy. The stability
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