Macro still has a lot to offer: Chile’s De Gregorio
Crises are the cost of financial progress, said José De Gregorio, governor of the Central Bank of Chile, in a speech in Antofagasta. He argued that they are the result of innovation and assuming risks, and that although we seek to minimise their occurrence, they cannot be eliminated altogether.
Financial crises will continue to happen, he said, and the most effective response would be to strength the financial system and macroeconomic policies to minimise the probabilities of their occurrence.
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