Bank of Portugal shifts research focus after Gaspar review

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The Bank of Portugal will focus its research on financial intermediation and European financial stability, it revealed yesterday, on the advice of a commission chaired by the former Portuguese finance minister Vitor Gaspar.

Gaspar, who will join the International Monetary Fund (IMF) this month, and three other academics were asked to review the central bank's economic and research department (ERD).

They gave a positive account of the department's work – noting it was "highly appreciated by relev

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