Monetary Policy and Financial System Resilience

10 Pages Posted: 17 Apr 2019

See all articles by Franco Bruni

Franco Bruni

Bocconi University - Department of Economics (ECO)

Claude Lopez

Milken Institute

Date Written: March 14, 2019


In a time of global crisis, international policy coordination is quite natural. Yet, in normal times such coordination becomes a challenge. This is an issue especially when it comes to monetary and macroprudential policy of globally influential countries. This is especially relevant now with the trend of monetary normalisation in many of these countries. In this brief, we propose four necessary steps to help addressing these challenges: (i) Monetary policy should take into account its spillovers on financial stability, (ii) Systemic central banks need to account for the global impact of their policy, (iii) Multilateral consultations may provide a useful platform to assess these impacts, (iv) The analysis that helps designing monetary and macroprudential policy should include global aggregates to capture the global economic and financial context.

Keywords: central bank, macroprudential policy, financial stability

JEL Classification: E6, G

Suggested Citation

Bruni, Franco and Lopez, Claude, Monetary Policy and Financial System Resilience (March 14, 2019). Available at SSRN: or

Franco Bruni

Bocconi University - Department of Economics (ECO) ( email )

Via G. Roentgen, 1 - 5E2FM04
20136 Milan

Claude Lopez (Contact Author)

Milken Institute ( email )

1250 Fourth Street
Santa Monica, CA 90401
United States


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