September 17, 2019 / 6:41 PM / 3 months ago

Central banks can't perform miracles, governments must step up: ECB's Villeroy

FILE PHOTO: Francois Villeroy de Galhau, governor of the Bank of France, attends the Group of 20 (G-20) high-level seminar on financial innovation "Our Future in the Digital Age" on the sidelines of the G-20 finance ministers and central bank governors meeting in Fukuoka, Japan, on Saturday, June 8, 2019. Kiyoshi Ota/Pool via REUTERS

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

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