Bernanke denies QE represents competitive devaluation

Federal Reserve's Ben Bernanke

Ben Bernanke, the chairman of the Federal Reserve, has defended the Fed's programme of quantitative easing (QE) in the face of complaints that the policy constitutes competitive devaluation and drives destabilising capital flows into emerging markets.

Speaking last night during a panel discussion at the London School of Economics, Bernanke stressed that he viewed QE as an "enrich-thy-neighbour" policy, due to the world economy's dependence on resilient demand from the developed world, rather

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