BOE Governor Andrew Bailey: Would shrink balance sheet before raising rates in future
22.06.2020, 06:50

BOE Governor Andrew Bailey: Would shrink balance sheet before raising rates in future

  • Massive programme of asset purchases has been the right thing to do.

  • Central bank independence should not be called into question by COVID-19.

  • Financial system mustn’t become reliant on these extraordinary levels of central bank reserves.

  • Current scale of central bank reserves mustn’t become a permanent feature.

  • Elevated balance sheets could limit the room for manoeuvre in future emergencies.

  • As economies recover, it’s likely that some of the exceptional monetary stimulus will need to be withdrawn, including by reducing reserves.

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