G30 Publishes Thoughts on Monetary Policy: A European Perspective by Jacques de Larosière

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The Group of Thirty today released Thoughts on Monetary Policy: A European Perspective by Jacques de Larosière, G30 member and former Managing Director of the IMF and former Governor of the Banque de France.

The Group of Thirty today released Thoughts on Monetary Policy: A European Perspective by Jacques de Larosière, G30 member and former Managing Director of the IMF and former Governor of the Banque de France.

In the paper, de Larosière discusses the role of monetary policy in the financial system, particularly analysing the monetary policy decisions in the Eurozone after the 2007-08 global financial crisis. He specifically examines the question of how well suited various unconventional monetary policies are suited to the Eurozone, and comes to the conclusions that the conditions that explain the success of unconventional monetary policies in the United States are not necessarily transferable to Europe and that the present market volatility in Europe is related to these policies.

“The discussion on monetary policy in Europe remains crucial. In this post-financial crisis environment, we need to assess the policies implemented by central banks and examine the effectiveness of the policies in Europe today. We should consider the consequences on financial stability of too accommodative a monetary policy for too long. This paper is a call for patience and moderation in analyzing and implementing policies which should be geared to reinforce confidence” said Jacques de Larosière.

Jean-Claude Trichet, Chairman of the Group of Thirty, welcomed the paper. “Jacques de Larosière brings an experienced voice to the discussion on monetary policy. We are pleased to add his new work to our Occasional Paper series.”

PDFs of this paper are online at http://group30.org/publications. Hard copies are available for purchase.
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The Group of Thirty, formally known as “The Consultative Group on International Economic and Monetary Affairs, Inc.” was founded in 1978. The Group of Thirty is a private, nonprofit, international body composed of senior representatives of the private and public sectors and academia. The Group aims to deepen understanding of international economic and financial issues, to explore the international repercussions of decisions taken in the public and private sectors and to examine the choices available to market practitioners and to policymakers. The Group is led by Jacob A. Frenkel, Chairman of the Board of Trustees, and Jean-Claude Trichet, Chairman of the Group.

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Stuart Mackintosh
Group of Thirty
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