Italy's Visco calls for more 'symmetric' monetary policy
Central banks should be prepared to tighten policy pre-emptively, Ignazio Visco writes
Central banks should not rule out tightening monetary policy to pre-empt incipient financial crises even if price stability concerns do not warrant it, Bank of Italy governor Ignazio Visco says in the forthcoming issue of Central Banking journal – coming down firmly on the side of those arguing in favour of central banks using monetary policy to ‘lean against the wind'.
Visco endorses the use of monetary policy as a macro-prudential tool, calling for monetary policy to be implemented "in a more
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