The resulting increase in the spread between money market rates and central bank interest rates complicates monetary policy: The determination of the appropriate level of the central bank rates is aggravated and the signalling function of these rates becomes more limited. To counteract distortions in the money market, central banks all over the world took a wide range of different measures.
And that’s the task I want to define for today and tomorrow. How do we deal with a lack of expertise in certain fields? Do we create it from within? Do we acquire it from without? How do we deal with the complexity and the horizontal nature of the topics?