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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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Identification Number: 10.1016/j.jmacro.2013.08.014


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
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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: 20 Oct 2021 00:48

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