ECB's Stark on financial globalisation

In the speech 'Financial globalisation: Economic policies in a new era' given on 17 July Jurgen Stark of the ECB said the risk of a disorderly unwinding of global imbalances is rather low.

"There are reasons to believe that a gradual and orderly adjustment remains the most likely outcome," he said.

But he also warned there is no reason for complacency: "There is indeed reason to believe that, in the event of a disorderly unwinding of global imbalances, few countries would be shielded from the

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