International policy co-ordination is a 'fair weather' phenomenon, says Carstens
Mexican governor says EMs must 'find their own way out'
Emerging markets (EM) suffering destabilising capital outflows should take policies in advanced economies "as given", Bank of Mexico governor Agustin Carstens argued during a speech in New York on Friday.
"International policy coordination is a fair weather phenomenon," Carstens said in reference to calls for advanced economy central banks to take cross-border impacts of their actions into account when formulating policies. "Right now we don't have fair weather… so [EMs] need to find their own
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