The quest for global monetary policy coordination

This paper puts forward a proposal to help monetary policies confront the challenge of the 'normalisation' of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue...

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Bibliographic Details
Published in:Economics. The open-access, open-assessment e-journal open-assessment e-journal, 2019-12, Vol.13 (2019-5), p.1-16
Main Authors: Bruni, Franco, Siaba Serrate, José, Villafranca, Antonio
Format: Article
Language:English
Subjects:
Balance sheets
Central banks
Cooperation
Coordination
E51
E58
E61
E63
Economic growth
Economic models
Emerging markets
F33
F42
Federal Reserve monetary policy
financial stability
Foreign exchange rates
global cooperation
Interest rates
International finance
international institutions
International trade
Macroeconomics
Monetary policy
Money
Regulation of financial institutions
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Summary:This paper puts forward a proposal to help monetary policies confront the challenge of the 'normalisation' of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue that global coordination is crucial to facing this challenge. They propose to convene appropriate official meetings to coordinate in an explicit, formal, and well-communicated way the process of normalisation and the discussions on the needed long-term changes in the strategy and institutional setting of monetary policies.
ISSN:1864-6042
1864-6042
DOI:10.5018/economics-ejournal.ja.2019-5