A report from a central bank-led global committee has defended the use of crisis...
LONDON - A report from a central bank-led global committee has defended the use of crisis-fighting tools such as negative interest rates and large-scale asset purchases, saying the benefits have outweighed the side effects.
As well as sub-zero rates and trillions worth of bond buying, central banks have flooded their economies with ultra-cheap funding driving down borrowing costs but also putting pressure on savers and banks’ margins. The report was prepared by a working group led by a New York Fed official Simon Potter and European Central Bank governor Mario Draghi’s former adviser, Frank Smets, who now heads the bank’s economics department.
It was also likely that they would need to be used again in future in the event of an economic slump, spillovers from abroad to small open economies or disruptions in financial markets that impair the transmission of monetary policy.
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