They will be completed by a European Systemic Risk Board strongly supporting Central Banks in the area of macro-prudential surveillance, hitherto neglected. Rebalancing and global cooperation China has been affected by the global crisis, too, though in a more subtle way. The challenges are manifold. First, China’s impressive growth story of the previous decade was mainly export driven.
Monetary policy is an arm of economic policy and in that sense, the objectives of monetary policy are no different from the overall objectives of economic policy.