Monetary policy was not to blame for the recent financial crisis, José de Gregorio, the governor of the Central Bank of Chile, said on Monday.

Addressing the Bank of Korea's International Conference in Seoul, de Gregorio pointed instead to two other culprits. The first was financial innovation. "The way some securitised assets were used was the clearest case of this abuse. They were structured in a way that only secure tranches remained in the balance sheets of banks, and others were sold, many