ECB's Bini Smaghi on monetary, financial stability

In the speech 'Monetary and financial stability: Challenges in South-Eastern Europe' given on 30 October Lorenzo Bini Smaghi of the ECB said financial sector reforms in China and other emerging Asian economies can play a key role in reducing their large current account surpluses.

"Weaknesses in financial sector corporate governance in south-east Asia contributed to the financial crisis of 1997-98 and, more recently, to consumption credit booms and busts, resulting in a low capacity to absorb

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