Canada's Macklem on renewing the IMF

In the speech 'Renewing the IMF: Some lessons from modern central banking' given on 9 March Tiff Macklem of the Bank of Canada said the IMF should also play a role in setting the "rules of the game" in the international financial system, including exchange rates that adjust to allow nations to work off large trade "imbalances."

"Significant adjustments are required,'' he said. ``This means letting real exchange rates adjust in countries with large current-account surpluses, like China'' as well

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