Carstens says EMEs are right to intervene but must be ‘rigorous’
BIS is “expending a great deal of analytical effort” in understanding the issue, he says
“Quasi-managed” exchange rate regimes are a sensible way for emerging market economies to safeguard monetary stability, but a more “rigorous” analytical framework is needed, Agustín Carstens said on May 2.
The Bank for International Settlements general manager said most EMEs had emerged “unscathed” from the turbulence in 2018, which he attributed in large part to their pragmatic approach to mixing floating exchange rates with foreign exchange interventions to tackle excessive turbulence.
“I
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