IMF: emergency liquidity frameworks not ideal
There are shortcomings in the existing emergency liquidity frameworks of central banks, said Saleh Nsouli, the director for offices in Europe at the International Monetary Fund.
Obsolete tools and operational procedures had been replaced with others aimed at fixing the low volumes in interbank markets and getting these markets going, he said, but money markets were not recovering as quickly as the Fund had hoped. Issues of moral hazard were at the heart of the problem, he added.
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