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The Challenge of Economic Rebalancing in Europe

The Challenge of Economic Rebalancing in Europe

Perspectives for CESEE Countries

Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth

In the long aftermath of the acute global financial crisis of 2008/09, “rebalancing” the economy with new sources of growth and productivity remains a persistent necessity. This book addresses the resulting trade-offs and challenges. These needs, and the corresponding policy challenges, are especially prevalent in Europe, in particular Central, Eastern and South-Eastern Europe. On this issue, this book contributes lessons learned from earlier balance sheet recessions. It also addresses the often overlooked link between macroeconomic imbalances and economic inequality. Further contributions focus on the interaction between monetary policy and financial stability, adding a regional perspective to these important issues.

Chapter 17: Inflation targeting and use of the exchange rate as a monetary policy instrument: the CNB experience

Miroslav Singer

Subjects: economics and finance, financial economics and regulation, international economics, money and banking


The Czech National Bank (CNB) has been targeting inflation continuously since 1998. The inflation targeting framework has undergone enormous changes since then. This chapter reviews the CNB’s experience with inflation targeting. It goes on to summarize the action the CNB took to weaken the domestic currency in November 2013, and concludes by assessing the CNB’s experience with using the exchange rate as a monetary policy instrument.

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