Esther George questions macro-prudential approach
Kansas City Fed president says macro-prudential approach ‘expects too much'
Asking regulators to ensure risk-taking does not endanger financial stability places a large burden on the regulatory infrastructure, especially when monetary policy is loose, Federal Reserve Bank of Kansas City president Esther George said yesterday in a speech in Manila.
"I often hear the view that macro-prudential policy should be the ‘first line of defence' for maintaining financial stability," George observed. "Unfortunately, this approach expects too much of tools for which our
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