ECB’s Bini Smaghi pans Fed for crisis role

Lorenzo Bini Smaghi, a member of the European Central Bank's Executive Board, has attacked the Federal Reserve for its alleged focus on "the pursuit of growth at all costs."

In a direct reference to America's central bank, Bini Smaghi said: "This crisis demonstrates that if a central bank is concentrated on near term results, on the pursuit of growth at all costs, this leads it to conduct policies that increase instability."

He added that focusing on medium-term price stability was "the rule in

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