Inequalities must be taken into account by central banks, as they are intrinsically related to inflation and because they affect, and are affected by, monetary policy. Nevertheless, addressing inequalities remains primarily a responsibility of governments. Only governments possess, in fact, the democratic legitimacy to assess how much redistribution is needed.
But it is not my intention to reflect on how such future situations could be dealt with; I have come here to discuss the limits of central bank funding in resolution. In this respect, it is important to repeat that, ultimately, resolution planning should not assume that central bank liquidity will fill the gaps. 3.