ECB's Cœuré says international liquidity must be allowed to flow
The gains from international risk-sharing must not be compromised by a rise in financial protectionism driven by concerns related to international spillovers from unconventional monetary policy, according to European Central Bank (ECB) executive board member Benoît Cœuré.
"The current debate focuses too much today on the negative externalities of domestic monetary policy decisions and overlooks the fact that global liquidity is closely intertwined with the degree of international risk-sharing,"
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