Bini Smaghi on global capital & monetary policies

In the speech 'Global capital and national monetary policies' given on 18 January Lorenzo Bini Smaghi of the ECB said central banks must be careful not to overreact to declines in real bond yields, which may reflect special factors related to globalisation.

"The evidence ... would suggest that monetary policy should not overreact to the observed lowering of long-term real interest rates in advanced economies," he said, in the speech to a seminar in London.

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