LONDON (Reuters) - Central banks can’t perform miracles in lifting economies and now need government to step up their own support programmes, one of the European Central Bank’s top policymakers said on Tuesday.
Referring to how central banks like the ECB have given years of support with years of low interest rates and money printing programmes, France’s central bank head Francois Villeroy de Galhau said: “We are perhaps the victims of our success.”
Going forward however with depleted options now available, “One shouldn’t expect from central banks, miracles,” Villeroy added. “Monetary policy cannot be the only game in town.”
Reporting by Marc Jones; editing by Yoruk Bahceli