IMF's Viñals says central banks must be 'market-makers of last resort'
Monetary policy and regulation have amplified illiquidity, says IMF official
A senior official at the International Monetary Fund has called on central banks to serve as "market-makers of last resort" in the event of a liquidity crisis.
José Viñals, director of the monetary and capital markets department at the IMF and former deputy governor of the Bank of Spain, said central bank policies and financial regulations had increased the chances of a prolonged liquidity shortage in financial markets. As a result, central banks should make contingency plans to deal with the
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