France’s Noyer on failures of dealing with asset bubbles
Christian Noyer, the governor of the Banque de France, on May 19 said the monetary policy approach adopted at central banks in the past to address asset-price bubbles was unwise.
At a conference on ‘Fiscal and Monetary Policy Challenges in the Short and the Long Run' in Hamburg, Germany, Noyer said: "The financial crisis has exposed several shortcomings in the monetary policy frameworks of the pre-crisis era, and more generally in their intellectual foundations. Not only does maintenance of
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