Great Normalisation News Today

Elga Bartsch, Agnès Bénassy-Quéré, Giancarlo Corsetti, Xavier Debrun 15 December 2020 When the COVID-19 crisis hit, neither monetary easing nor fiscal support alone was sufficient to buffer the shock. Monetary and fiscal authorities had to join forces to deliver the required macroeconomic backing, blurring the traditional boundaries between monetary and fiscal interventions. While some interpret these developments as the end of a decades-old consensus on the respective roles of centr...