ECB paper considers how to conduct monetary policy without interest rates
An 'occasional paper' published yesterday by the European Central Bank (ECB) examines the growth of Islamic finance in Europe, and discusses ways in which monetary policy could be set without the use of interest rates, which are banned under sharia.
The paper, Islamic Finance in Europe, was produced by a team of central bank, private sector and academic economists, with the Bank of Italy's Sergio Masciantonio authoring the section on monetary policy. Masciantonio notes that in countries such as
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