The centrality of central banks during the covid era

William White made a presentation to The Institute for International and European Affairs in Dublin on 11 December.¬† the topic was the role played by central banks during the covid-19 pandemic and the implications for central banks going forward. White suggested that central banks had successfully restored order in financial markets in the spring, which was necessary, but that their actions were essentially “more of the same” policies that they had been pursuing for many years. The cumulative effect of those policies had been a massive increase in global debt ratios and the emergence of other imbalances that now had to be confronted and resolved by governments rather than central banks. White’s talking notes and a video recording can be found below.