Jörg Asmussen, a member of the European Central Bank's (ECB) executive board, has called on policy-makers to make greater efforts to co-ordinate policy internationally.

In a speech at the Kiel Institute for the World Economy, Asmussen cited three reasons why closer co-operation was necessary. First, he said, the world has become more interconnected and shocks are transmitted more rapidly. Second, the potential sources of shocks have multiplied. Finally, Asmussen said the global financial crisis