Comment: Papademos on asset bubbles

In a speech in Madrid last week, the ECB vice-president, Lucas Papademos, drew a line of distinction between the ECB's policy on asset prices and that of the US Fed. In doing so he sought to communicate that the Issing legacy is firmly in tact.


Papademos, in reply to a thought-provoking paper by US academic Alan Blinder, admitted that asset price bubbles are "difficult to identify in real time". But, central bankers do have tools which sometimes help to identify bubbles

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