Euro zone countries with fiscal space, such as Germany, should use it to promote...
FILE PHOTO: Governor of the Bank of France Francois Villeroy de Galhau delivers a speech to open a conference entitled"Bretton Woods: 75 years later" in Paris, France, July 16, 2019. REUTERS/Philippe Wojazer
The escalation in trade disputes has slowed global trade and the effects are “very acute” in export-reliant Germany, said Villeroy, who is also governor of the French central bank. “Countries with fiscal space should use it quickly, even more so when they suffer an asymmetric shock like Germany,” Villeroy told the Europlace international forum in Tokyo “Those with high public debt should make their public finances more growth-friendly.”
Under its new president, Christine Lagarde, the ECB can conduct a strategic review of its policies, including the relationship between monetary and macro-prudential policies, Villeroy said.A “soft coordination” between the two may be “more promising” than the conventional approach of separating them, Villeroy said, since macro-prudential tools have limitations in addressing increasing financial stability concerns.
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