Fulfilling the mandates of central banks in a changing world
· Pablo Hernández de Cos, General Manager of the Bank for International Settlements (International)
Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates, inflation and price stability, public finances and debt, growth, investment and productivity
PH · Pablo Hernández de Cos Wiki · Bank for International Settlements WikiFulfilling the mandates of central banks in a changing worldContextLecture by the BIS General Manager at CEU San Pablo University in Madrid, on receiving an academic distinction.
Why it mattersThe BIS General Manager on how central banks should keep their mandates as shocks multiply and fiscal pressure rises.
Problems raised- Large shocks may unanchor inflation expectations.
- The economy is becoming more volatile.
- Fiscal pressure pushes central banks towards short-term growth.
Solutions proposed- Equip frameworks for a wide range of scenarios.
- Communicate honestly about uncertainty.
- Pursue structural reforms that ease pressure on monetary policy.
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