Lessons for monetary policy from the euro-area crisis

Goodhart C.A.e
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Goodhart C.A.e: London School of Economics

No 17, Special Conference Papers from Bank of Greece

Abstract: The earlier 2007/8 financial crisis generated the main lessons for monetary policy, notably that price stability does not necessarily guarantee financial stability. Nevertheless, the on-going Eurozone crisis has pointed to further lessons, notably that a single currency covering diverse states does need a Banking Union; and to problems of zero risk-weighting for sovereign debts. Without such a Banking Union, economic divergences between the Eurozone states have continued and look likely to persist.

Keywords: Price stability; financial stability; banking union; zero lower-bound (search for similar items in EconPapers)
JEL-codes: E44 E52 F36 G01 (search for similar items in EconPapers)
Pages: 23
Date: 2013-07
New Economics Papers: this item is included in nep-cba, nep-ias, nep-mac, nep-mon and nep-pke
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