Weber on challenges to the global economy

In the speech 'Challenges to the global economy' given on 18 November Axel Weber of the Deutsche Bundesbank said greater currency flexibility in parts of Asia is essential for resolving global economic imbalances whereas structural reform in Europe would play only a secondary role in this regard.

China's move in July to a managed float of the yuan against a range of major currencies was a welcome first step, but more regional foreign exchange flexibility would help smooth global adjustments

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