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...But is it ready? These were my thoughts as I attended the second annual conference held by the Single Resolution Board (SRB) in Brussels last Friday. This body, set up in 2015 as part of the so-called “banking union”, has the powers to wind down a medium-sized or large lender after the European Central Bank (ECB) declares it “failing or likely to fail”. The idea is to remove the ability to pull the plug on a troubled bank from the hands of national supervisors, who may have a vested interest in delaying the decision—such as hiding a past supervisory failure. The SRB faced its first major test this year when it closed down Banco Popular, a Spanish lender, wiping out shareholders and junior bondholders and selling the bank to rival Banco Santander for one euro. ...Live Mint on Oct. 6, 2017, 2 a.m.
...One such moment came almost 50 years ago when Milton Friedman delivered his presidential address to the American Economic Association in Washington D.C. The subject of the speech was the role that monetary policy can have in reducing unemployment and boosting growth. In Friedman’s view, central banks cannot reduce the long-run rate of unemployment at which an economy operates (the “natural rate of unemployment”). Were the monetary authorities to stimulate demand then, they would only prompt workers to demand ever higher wages and cause inflation to accelerate. More From Livemint » It was a matter of only a few years before Friedman’s speech acquired a near-prophetic status. In the 1970s, central banks tried to fight off the recession caused by oil shocks by slashing interest rates, but these policies only caused inflation to spiral out of control. ...Live Mint on July 17, 2017, 2:24 p.m.