Better euro area financial stability governance ‘necessary’: ECB’s Constâncio


European Central Bank vice-president Vítor Constâncio on Friday urged policymakers to rethink their governance of financial stability in the wake of the financial crisis. He promised the ECB would do "whatever is necessary" to ensure price stability.

Constâncio said that before the crisis, financial stability was often viewed in a rather "abstract manner", as a condition that "flowed from other well-defined pre-conditions", such as low inflation; or as a concept that "could only be addressed

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