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Fiscal and monetary policy will at times work at cross purposes as they transition to post-Covid normalisation over medium term, Claudio Borio, Head of the BIS Monetary and Economic Department said in a speech Monday, as he cautioned policymakers not to miss the window of opportunity presented by favourable interest rate-economic growth differentials.
Failure to reaffirm the clear boundaries between fiscal monetary policy, that existed before the crisis, and returning fiscal policy to a sustainable path, heightens the risk of the "instability trap," Borio warned, while compromising central bank independence. Raising long-term growth requires reinvigorated structural reforms, he continued, supported by a growth-friendly structure of government expenditure and taxes."