MADRID (MNI) – The travails besetting financial markets in the last
few years are without precedent and pose challenges to monetary
authorities and others who make or think deeply about financial policy,
European Central Bank Vice President Vitor Constancio said on Thursday.
Constancio, speaking at an academic award ceremony at the Bank of
Spain, said, “Developments in global financial markets that we have been
witnessing in recent years are really unprecedented and have raised a
number of challenges for policymakers, for central bankers, but also, I
would say, for academics.”
Constancio said central banks’ non-standard measures had avoided
another Great Depression. We are in an economic slump, “but it could
have been much, much worse,” he added.
–Frankfurt bureau tel.: +49-69-720142. Email: dbarwick@marketnews.com
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