Central banks’ unconventional monetary policy was, above all, an emergency measure. With these measures coming to an end, we are now asking ourselves what the next – hopefully stable – phase will be like. In the academic and political discussion on future monetary policy, these questions include: what monetary policy strategies will be employed? Which monetary policy instruments will be used?
Unlike Section 7 of the Clayton Act, which permits the antitrust authorities either to restrain a merger beforehand or undo it thereafter, the Federal Reserve’s authority under the Bank Holding Company Act to disallow the merger on financial stability grounds appears to lapse after the merger is completed, but for the narrow authority vested in the FSOC.