QOTD -- European Central Banks

Today's PolicyScope platform surfaced a stunning joint statement by three EuroArea central bankers:

The statement is stunning on multiple levels.

* While the title suggests it is about financial stability, it is really about European values and the need for solidarity.

* The statement is more of a political act than a technocratic statement about financial stability policy.

* It is exceedingly rare to see central bankers discussing climate change, social protection, and health care systems.

* It is rare to see central banks asserting "we have what it takes" on a day when markets are relatively calm.

Because the statement is so unique, it does not articulate concrete shifts in policy. But it does imply that tectonic shifts are underway within the EuroArea and the EU system now that the initial pandemic shock has eased.


This quote was discovered on PolicyScope , our automated and patented policy intelligence. platform. For more information about how the platform can help you see around the corner regarding public policy risks, please contact us HERE.