ECB's Issing on addressing global imbalances

In the speech 'Addressing global imbalances: the role of macroeconomic policy' given on 4 November Otmar Issing of the ECB said structural reforms in Europe and Japan may help to promote growth and resilience and are in the countries' own best domestic interests.

"However, they are likely to have only a minor effect on current account imbalances in the medium term, in particular as the euro area's current account is today in line with its long-term fundamentals," Issing said.

"Overall, the

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