Shelton far outside the mainstream, Central banks and climate change
Commentary: Shelton far outside the mainstream
By Mark Sobel in Washington
In a recent Washington Post article, Judy Shelton – one of President Donald Trump’s nominees for the Federal Reserve board – called for an internationally ‘level monetary playing field’ and a ‘dependable dollar’. The terms go undefined. But the thrust of the article seems to suggest that the monetary policies of key countries should be targeted towards promoting currency stability. Or, as David Wessel of the Brookings Institute put it, she seemingly ‘pines’ for a return to fixed exchange rates. Shelton’s views are far outside the mainstream.
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The global central banking community spent the last decade repairing the financial system after the international banking crisis. Now, it is turning its attention increasingly to the longer-term challenge of improving the climate resilience of the financial system and the wider economy.
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