A lack of coordination between the world's leading central banks in the current crisis raises concerns over a return to beggar-thy-neighbour policies, a leading European economist has argued.
In an interview with Central Banking, Paul De Grauwe a professor of economics at the Catholic University of Leuven in Belgium, argues that while the "Federal Reserve has been very aggressive in cutting rates...others - notably the European Central Bank (ECB) - have followed very reluctantly."
"This has cre
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