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Financial markets' Covid 'dash for cash' shows more central bank tools needed, BOE official says

By Fiona Maxwell ( January 7, 2021, 16:24 GMT | Insight) -- Central banks could play a "market maker of last resort" role in future economic downturns, senior Bank of England official Andrew Hauser suggested today, citing disfunction seen in markets at the height of the Covid-19 pandemic last March. More tools for central banks are needed, he argued, as non-banking entities such as hedge funds and money-market funds are increasingly used for saving and credit products.The vulnerabilities in financial markets exposed by the Covid-19 pandemic and the widespread interventions by policymakers show the need for additional tools for central banks, the Bank of England’s executive director for markets has said....

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