A new era for monetary policy - Adair Turner

• published: 17 Feb 2015
• views: 125

http://www.positivemoney.org/ A high-level workshop "A new era for monetary policy" with Lord Turner, a Senior Fellow at the Institute of New Economic Thinking took place on October 7th 2014 in London to explore new thinking on debt, economic instability, and monetary policy. This small, high-level workshop has brought together economic thinkers from civil society, trade unions, business, and policy in order to help think through how monetary policy can help to build a sustainable economy. Since the financial crisis of 2007/8 central banks have entered unchartered territory. Unconventional monetary policy tools such as Quantitative Easing and Funding for Lending have blurred the line between monetary and fiscal policy. This has opened an opportunity to question current models and conventional wisdom. For example, should central banks add financial stability to their remit? New insight has come both from people working inside the system as well as from people working on these issues from the outside. Lord Turner has been a leading voice in this enquiry examining both theoretical and practical policy considerations. One of the most pressing questions concerns democratic accountability. Fiscal authorities are directly democratically accountable to the public, but central banks are not. How can these important policy debates become more transparent and accountable, allowing civil society to participate in the crucial debate on how monetary policy can best serve the needs of society? -------------------------- SUBSCRIBE to Positive Money UK's videos: http://www.youtube.com/subscription_center?add_user=PositiveMoneyUK Like us on Facebook http://www.facebook.com/PositiveMoney Follow us on Twitter http://www.twitter.com/PositiveMoneyUK Follow us on Google+ http://www.positivemoney.org.uk/googleplus Positive Money is a not-for-profit research and campaign group. They work to raise awareness of the connections between our current monetary and banking system and the serious social, economic and ecological problems that face the UK and the world today. In particular they focus on the role of banks in creating the nation's money supply through the accounting process they use when they make loans - an aspect of banking which is poorly understood. Positive Money believe these fundamental flaws are at the root of - or a major contributor to - problems of poverty, excessive debt, growing inequality and environmental degradation. For more information, please visit: http://www.positivemoney.org/