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Monetary and Banking Policy in a Currency Union

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Document pages: 16 pages

Abstract: The title of this year’s conference “More than the Taylor rule: Monetary Policy, Prudential Issues and Central Banking” provides the grounds for discussing several interesting issues related to the role of central banks, building in particular on the experience acquired before and during the crisis. To be sure, there is now broad agreement that there is more to central banking than just following Taylor rules or, to put it in another way, to implement a simple inflation targeting regime. Financial stability matters, also for central banks whose primary objective is price stability. Under certain circumstances, the way in which monetary policy is implemented, with a view to achieve price stability, can undermine financial stability and in the end jeopardize price stability itself. Financial stability has to be taken into consideration in the conduct of monetary policy

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