Former Fed Member Jealous of ECB Mandate

Being a U.S. Federal Reserve governor is an impressive job, but sometimes you might wish for another, simpler, task—like working for the European Central Bank (ECB).

At least to Charles Plosser, the former president of the Philadelphia Fed, it’s that single mandate that’s attractive. While the U.S. central bank must aim to achieve both maximum employment and stable prices, its euro zone counterpart need only worry about the latter.

“I am jealous of the ECB’s mandate,” Plosser told CNBC on Monday. “I would rather see the U.S. have a more narrow mandate that looked like the ECB’s mandate, actually. I think that would make the task easier and make monetary policy more effective doing what monetary policy is actually capable of doing, which is achieving price stability.”

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.