The Central-Bank Song Remains the Same
Even as the world's major central banks face important transitions, the choices of their new leaders have reflected a desire for continuity. In terms of both policy and personnel, the new normal looks set to be mostly old wine in familiar bottles.
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LONDON – The changing of the guard that is taking place at the systemically important central banks in 2018-2019 will mark the beginning of a new era of monetary policy. Who is likely to lead this transition to a “new normal”? More important, just how new will it really be?