Monetary policies are confronted by short and long term challenges. In the short term, “normalization” of money creation and interest rates, following years of unorthodox policies, puts financial stability at risk in major monetary centres and in EMEs. Longer term challenges extend over the theoretical framework of monetary policies and their institutional settings: a lack of clarity and trust in monetary action weakens its effectiveness and endangers financial stability. This paper argues that global coordination is crucial to face these challenges. It proposes to convene appropriate official meetings to coordinate short term normalization and to start facing long term challenges

Task Force: An International Financial Architecture for Stability and Development

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