The responsibility to boost economic activity is not the central bank's alone, said Benjamin Diokno, the Philippine central bank governor.
Central banks around the world eased monetary policies following the global financial crisis, with some sending their interest rates into negative territory. Policymakers have just started to move rates back to pre-crisis levels before they decided toThe reliance on monetary policy to boost growth is a topic widely touched on at the Milken Institute Asia Summit on Thursday, including at a panel discussion that Diokno participated in.He explained that the U.S.
Another panelist, Michael Sabia — the president and chief executive of Canadian investor CDPQ — said the "growth problem" facing the global economy today is not one that can be solved by monetary policy. He added that even after trillions of dollars were injected into the economy through easy monetary policies, global growth rates have continued to decline.
Governments and investors should instead look at ways to make economies more productive through investments in infrastructure and education — and be less preoccupied with what central banks do, he said.
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