Press REF - Publication No. 144 " New doctrines in central banking "

Press release: publication of revue 144 of the Revue Économie Financière: " New doctrines in central banking "

23 mars 2022

Coordinated by Benoit Cœuré, former member of the Executive Board of the ECB, and Hans-Helmut Kotz, Center for European Studies at Harvard University, issue 144 of the Revue Économie Financière (REF) focuses on "New doctrines in central banking”, published in French and English edition. Rich in 15 articles bringing together 24 authors, central bankers, economists and academics, this issue is structured around four chapters:

- Background Conditions: Inexorable Decline of the “Natural” Rate of Interest,

- The Need for New Doctrines, New Monetary Strategies,

- Too close to Justified? Fiscalization of Monetary Policy,

- Widening Horizon: Additional Challenges.

How have the crises, the great financial crisis, that of Covid-19, changed what central banks can or know how to do? How far can they intervene on the front line? How did the question of financial stability enter into their arbitrations? How does the development of unconventional tools change their role in allocation, redistribution or stabilization and have they crossed the line that separates monetary policy from fiscal policy?

In response to all these questions, monetary strategies have evolved in relation to both the economic context, new issues and their political environment. If everyone is moving, we observe the persistent dividing lines, including on the independence of central banks, and this issue pays particular attention to the question of their democratic and societal responsibility.

Understand where we come from to know where we are going; while central banks are challenged, solicited on several fronts, by the return of inflation, the persistent dislocation of global production chains with Covid and now Ukraine, their contribution to monetary sovereignty in times of war, but also the ecological transition or the hypothesis of a digital currency, this issue of the REF sheds light on the evolution of central banks between practical solutions and theoretical underlyings.

To consult this publication:

- in library from 23 March 2022

- at l’AEFR : contact : paola.camilleri@aefr.eu

- online :

• in French https://www.aef.asso.fr
• in English https://www.aef.asso.fr/english-language