Cyprus's Orphanides: central banks in best position to supervise risks
Athanasios Orphanides, the governor of the Central Bank of Cyprus, on Thursday said central banks could improve the state of financial stability if provided with the appropriate tools.
"The crisis has confirmed that a central bank with a price stability objective but with insufficient regulatory powers cannot ensure broader financial stability in the economy," Orphanides said.
Orphanides said there was a general under appreciation of systemic risks before the crisis and highlighted the need for
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