The sluggish global economic outlook and rising debt levels are exacerbating markets’ concerns about the role and impact that monetary policy can play in boosting growth and averting recession. Otmar Issing, the first chief economist of the European Central Bank (1998-2006), and Patrick Honohan, former governor of the Central Bank of Ireland (2009-2015), discuss the changing role of central banks, the implications of new leadership at the ECB, and their expectations for 2020.
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