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The Eurosystem and its monetary policy - from an "impossible dilemma" to a possible roadmap for normalisation

· François Villeroy de Galhau, Governor of the Banque de France (France)

Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates, inflation and price stability, trade, fragmentation and geopolitics, growth, investment and productivity

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· François Villeroy de Galhau Wiki · Banque de France WikiThe Eurosystem and its monetary policy - from an "impossible dilemma" to a possible roadmap for normalisation

ContextSpeech in the Global Interdependence Center's central banking series in Paris; the Banque de France keeps prices stable and outlines a path to policy normalisation.

Why it mattersVilleroy sets out a roadmap to end asset purchases and raise rates.

Problems raised
  1. The war raises inflation and lowers growth.
  2. Monetary policy faced an 'impossible dilemma'.
  3. Uncertainty is high.
Solutions proposed
  1. Set a roadmap for normalisation.
  2. End net asset purchases.
  3. Raise rates gradually.
Read full speech on bis.org ↗

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