Menon: Monetary policy can't fill ‘all the cracks'
Targeted macro-prudential measures are necessary for financial stability
Although monetary policy "flows into all the cracks", it may not be able to fill them all, according to Monetary Authority of Singapore managing director Ravi Menon, in his remarks opening the Asian Monetary Policy Forum (AMPF) in Singapore on Saturday.
Menon said the role of monetary policy in securing financial stability is one of the "most pressing questions in monetary policy today". Interest rates below the ‘natural rate' will lead investors to take risks – even circumventing measures
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