The Challenges of a More Demanding Environment on Monetary Policy

Vincent BIGNON * Conseiller du directeur général des statistiques, des études et de l'international, Banque de France ; professeur associé, École d'économie d'Aix-Marseille ; membre, Center for Economic Policy Research. Contact : vincent.bignon@banque-france.fr.

Bruno CABRILLAC * Deputy General Manager, Statistics, Research, and International Division, Banque de France. Contact: bruno.cabrillac@banque-france.fr.

François VILLEROY DE GALHAU * Gouverneur, Banque de France.

Central bank policy has helped to overcome two major crises in the recent period. And if the adage that central banks cannot do everything remains true, it is nevertheless clear that central banks are now obliged to take an interest not only in the monetary pillar, but also in new categories such as the rise in public debts, the investments needed for climate change, the rise in inequality or the concentration of wealth, in short to broaden the criteria for stability through a monetary and financial analysis.