Portugal's Constâncio: markets cannot self regulate
Vítor Constâncio, the governor of the Bank of Portugal, on 5 May discussed the European Central Bank's (ECB) new approach to regulation and lessons that must be drawn from the crisis.
"The crisis made clear that monetary policy focused on price stability had to be complemented with new instruments of macro-prudential policies to ensure financial stability and asset markets less prone to price bubbles," Constâncio said at a dinner in honour of the central bank's Governing Council.
Constâncio said
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