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Monetary policy after a perfect storm - festina lente

· Fabio Panetta, Governor of the Banca d'Italia (Italy)

Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates

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· Fabio Panetta Wiki · Banca d'Italia WikiMonetary policy after a perfect storm - festina lente

ContextSpeech at the Bank of Finland's third international monetary policy conference in Helsinki; the Bank of Italy safeguards price stability and takes part in euro area rate decisions.

Why it mattersItaly's governor argues for gradual, state-contingent easing after a perfect storm of shocks.

Problems raised
  1. A perfect storm of shocks hit.
  2. Political risks remain high.
  3. Policy must not overreact.
Solutions proposed
  1. Make haste slowly (festina lente).
  2. Stay flexible and state-contingent.
  3. Normalise policy gradually.
Read full speech on bis.org ↗

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