Benoît Cœuré believes there is no need to "fundamentally revisit" the existing approach to central bank co-ordination, and yesterday argued that – in the wake of the crisis – cooperative and non-cooperative policies "would have been very similar".

Cœuré, a European Central Bank (ECB) executive board member, told an audience in Frankfurt the "dramatic events" of the crisis "acted as a de facto coordination device for expansionary policy interventions in all advanced economies".

He did, however