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Daniel Moss

The Future of Monetary Policy Is Asian

Thanks to the coronavirus, the continent’s policy makers are taking steps that were once unthinkable. The world of central banking may never be the same.

Dawn of a new era.

Dawn of a new era.

Photographer: Johannes Eisele/AFP

As the coronavirus pandemic continues, Bloomberg Opinion will be running a series considering the long-term consequences of the crisis. This column is part of a package on monetary policy. For more, see Clive Crook on the end of central bank independenceFerdinando Giugliano on Europe’s last chance at reform and Mohamed El-Erian on creating a sustainable recovery.

The economic fight against the pandemic has thrust Asia to the forefront of the global policy response. Officials there are breaking with precedent more radically than anywhere else. Developments in Asia, beginning with the shutdown of China’s economic engine in January, are reaching into every corner of the world. Central banking may never be the same.