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LESSONS FOR MONETARY POLICY FROM THE EURO-AREA CRISIS

  

C.A.E. Goodhart
London School of Economics

 

 Abstract

The earlier 2007/8 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.

 

Keywords: Price stability, financial stability, banking union, zero lower-bound

JEL Classifications: E52, E44, F36, G01

 

Acknowledgement: The views expressed are my own and do not necessarily reflect those of the London School of Economics.

  

Correspondence:

C.A.E Goodhart
London School of Economics
Houghton Street, London, WC2A 2AE
Tel: +44 (0)20 7955 7555
Email: c.a.goodhart@lse.ac.uk


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