BIS’s Restoy: Covid-19 blurs lines between policy instruments
Prudential policies have taken on an explicit economic stabilisation role for the first time, official says
The financial shock caused by Covid-19 has shown how blurred the lines are between the domains of different policy instruments, writes Fernando Restoy.
The head of the Bank for International Settlements’ Financial Stability Institute weighs up the case for having a single framework for macro- and micro-prudential policy, overseen by a single institution – namely, the central bank – in light of the pandemic.
Covid-19 has shown the importance of co-ordinated action, Restoy notes. “For the first
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