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Monetary Policies Facing the Challenge of Financial Liberalization

Jean-Paul Pollin * Professeur émérite, Laboratoire d'économie d'Orléans. Contact :

This article aims to briefly retrace the history of monetary policies since the post-war period in order to put into perspective and highlight the impact of the financial liberalization process on these policies. We observe that from the 1980s onwards most advanced countries adopted the same model of “Central Banking” focusing the action of the monetary authorities on the objective of price stability and reducing their scope and instruments of intervention. . It is shown that the neglect of the objective of financial stability called into question, after the crisis of 2007, this model and perhaps also the process of liberalization.

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