Central banking in a context of high public debt

C. Noyer

Financial Stability Review, 2012, issue 16, 9-13

Abstract: Against the backdrop of the financial crisis and unprecedented high public debt, the demands placed on all the major central banks have grown tremendously over recent years. They have responded by taking non-standard measures, adjusting their operational frameworks and significantly expanding their balance sheets. We may have to live with this conjunction of high debt and non-standard monetary measures for some time to come. It is, therefore, essential to maintain clarity of purpose and protect the two core pillars of central banking, inherited from the pre-crisis consensus: the focus on price stability and, its corollary, central bank independence.

Date: 2012
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