ECB's Financial Stability Review, June 2006

The European Central Bank published its June 2006 Financial Stability Review on 1 June. In the report the ECB said an abrupt unwinding of the US current account deficit could put sharp downward pressure on the dollar and lead to a rise in US long-term interest rates.

The ECB said the likelihood of such an abrupt current account correction still appears to be low, but if it did happen, it would entail sudden and destabilising changes in global capital flows.

"This could bring with it the

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