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Central banking in a context of high public debt

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  • Noyer, C.

Abstract

Against the backdrop of the financial crisis and unprecedented high public debt, the demands placed on all the major central banks have grown tremendously over recent years. They have responded by taking non-standard measures, adjusting their operational frameworks and significantly expanding their balance sheets. We may have to live with this conjunction of high debt and non-standard monetary measures for some time to come. It is, therefore, essential to maintain clarity of purpose and protect the two core pillars of central banking, inherited from the pre-crisis consensus: the focus on price stability and, its corollary, central bank independence.

Suggested Citation

  • Noyer, C., 2012. "Central banking in a context of high public debt," Financial Stability Review, Banque de France, issue 16, pages 9-13, April.
    • Handle: RePEc:bfr:fisrev:2011:16:01
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    File URL: https://publications.banque-france.fr/sites/default/files/medias/documents/financial-stability-review-16_2012-04.pdf
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    Cited by:

    1. Zdeněk Pikhart & Lukáš Pfeifer & Pavla Chmelová, 2015. "Reakční funkce a udržitelnost fiskální politiky [Fiscal Policy Reaction Function and Sustainability]," Politická ekonomie, Prague University of Economics and Business, vol. 2015(5), pages 545-569.
    2. Zlatuse Komarkova & Vilma Dingova & Lubos Komarek, 2013. "Fiscal sustainability and financial stability," Occasional Publications - Chapters in Edited Volumes, in: CNB Financial Stability Report 2012/2013, chapter 0, pages 103-112, Czech National Bank.

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