Lessons for monetary policy from the Euro-area crisis

Goodhart, C. A. E. (2014) Lessons for monetary policy from the Euro-area crisis. Journal of Macroeconomics, 39 (Part B). pp. 378-382. ISSN 0164-0704

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Abstract

The earlier 2007/2008 financial crisis generated the main lessons for monetary policy, notably that price stability does not necessarily guarantee financial stability. Nevertheless, the on-going Eurozone crisis has pointed to further lessons, notably that a single currency covering diverse states does need a Banking Union; and to problems of zero risk-weighting for sovereign debts. Without such a Banking Union, economic divergences between the Eurozone states have continued and look likely to persist

Item Type:	Article
Official URL:	http://www.journals.elsevier.com/journal-of-macroe...
Additional Information:	© 2013 Elsevier Inc.
Divisions:	Financial Markets Group
Subjects:	H Social Sciences > HC Economic History and Conditions H Social Sciences > HG Finance
JEL classification:	E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy (Targets, Instruments, and Effects) F - International Economics > F3 - International Finance > F36 - Financial Aspects of Economic Integration G - Financial Economics > G0 - General > G00 - General
Date Deposited:	20 Sep 2013 14:57
Last Modified:	14 Sep 2024 06:21
URI:	http://eprints.lse.ac.uk/id/eprint/52843

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