Europe/US policy divergence ‘good news’ for monetary system, says top central banker
Spillovers should not be a factor in policy decisions
A top-level official at a major European central bank believes spillovers into other economies should not be a factor of concern for policy-makers when they determine monetary policy decisions. "We have no mandate for spillovers," the official told delegates attending a forum, Groundbreaking shifts in the international financial system, at the Johns Hopkins School of Advanced International Studies (SAIS) on April 17.
The official stressed, however, that ‘spillbacks' – where policy affects other
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