France's Noyer calls for exchange-rate flexibility
The unwinding of global imbalances requires greater flexibility from countries with large current account surpluses and fixed exchange rates, said Christian Noyer, the governor of Banque de France.
Noyer said differences in the degrees of exchange-rate regimes' flexibility led to asymmetric adjustments depending on the countries' exchange-rate regime, with some of the main floating currencies bearing a higher share of the adjustment on their shoulders than they should.
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