The recent economic and financial crisis does not call for a change in monetary policy strategy, but rather better integration of financial conditions and financial-crisis risks in the implementation of this strategy: this appears to be the main conclusion of a conference organised by the Banque...

The Bundesbank and the Banque de France held their third joint conference on 19 and 20 May 2011 in Hamburg. The conference was devoted to the challenges that macroeconomic policy – in the form of monetary, fi scal and tax policy – must address in the short and long run.

Globalization and strengthening of integration processes have, among other things, also influenced some solutions relating to monetary sovereignty of particular countries. A great number of transition countries as well as some other underdeveloped countries are facing both inefficiency in their...

This paper arms central bank policy makers with ways to think about interactions between financial stability and monetary policy. We frame the issue of whether to integrate financial stability into monetary policy operating rules by appealing to the observation that in actual economies financial...

Central banks are at the epicenter of the current crisis. Accused of starting the crisis or, conversely, praised for having worked to overcome it, central banks need to draw conclusions stemming from the global crisis and to undertake necessary reforms. At present, when the crisis appears to be...

Independent central banking is reviewed as it emerged first under the gold standard and later with an inconvertible paper money. Monetary and credit policy are compared and contrasted as practiced by the 19th century Bank of England and the Federal Reserve. The lesson is that wide operational...