Yves Mersch: Monetary policy and financial stability under one roof Keynote speech by Mr Yves Mersch, Member of the Executive Board of the European Central Bank, at the 6th Policy Roundtable of the European Central Bank: “The future of global policy coordination”, Frankfurt am Main, 6 September 2013.
Accommodative monetary policies in both advanced and emerging economies have played a role in accentuating global vulnerabilities. 28. The 2013 Article IV Report of the IMF for India adopts a similar approach to suggest that the repo rate (as on September 14, 2012) was less than the rate implied by the Taylor rule, and therefore, that RBI’s monetary policy stance has been accommodative.