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Quelle sera la nouvelle norme de politiques monétaire et macroprudentielle ?

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  • Andrew W. Mullineux
  • Jean-Bernard Chatelain
  • Alexis Direr

Abstract

This paper is an account of a panel discussion during the GDRE conference in Nice in June 2015. The theme is the new normal of monetary and macroprudential policy, after a rise of interest rate over the zero lower bound and the end of quantitative easing. Besides the monetary policy committee, the Bank of England includes now a financial policy committee, which began its policies reducing financial risk. Macroprudential instruments, their effects, their optimal use in coordination with monetary and budgetary policy instruments are currently explored. With respect to microprudential policy, the single supervision mechanism of the Euro area has been created. Stress tests have been done for large banks of the Euro area for the first time. Supervisory data accumulation will improve results, still with the pending issue of the shadow banking sector.

Suggested Citation

  • Andrew W. Mullineux & Jean-Bernard Chatelain & Alexis Direr, 2015. "Quelle sera la nouvelle norme de politiques monétaire et macroprudentielle ?," Revue française d'économie, Presses de Sciences-Po, vol. 0(4), pages 85-100.
    • Handle: RePEc:cai:rferfe:rfe_154_0085
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    References listed on IDEAS

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    1. Lawrence H Summers, 2014. "U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 49(2), pages 65-73, April.
    2. McLeay, Michael & Radia, Amar & Thomas, Ryland, 2014. "Money creation in the modern economy," Bank of England Quarterly Bulletin, Bank of England, vol. 54(1), pages 14-27.
    3. Reinhart, Carmen & Kirkegaard, Jacob & Sbrancia, Belen, 2011. "Financial repression redux," MPRA Paper 31641, University Library of Munich, Germany.
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