Informal fora are invaluable for “softening the ground” in areas where decisionmaking processes remain largely national – whether in forging a consensus on prudential standards and codes, or facilitating the coordination of economic policies when appropriate. How did this system of formal and informal elements fare during the crisis? Let me highlight one strength and two areas that are still in need of strengthening.
Olli Rehn: Rethinking the ECB’s strategy in the world of low rates Speech by Mr Olli Rehn, Governor of the Bank of Finland, at the Bank of Finland webinar “New Challenges to Monetary Policy Strategies”, 24 November 2020.