Stability requires public-private coordination

The close cooperation of policymakers and market participants is essential for achieving sustainable growth and preserving stability, said Lucas Papademos, the vice president of the European Central Bank.

Papademos said that the authorities were aware of the risks facing the financial sector, but they could not fully foresee the speed and intensity with which tensions spread from one specific segment to other markets and countries. Nor could they forecast the size of banks' off-balance sheet

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