ECB's Bini Smaghi: credit easing won't work for us
Unconventional policy measures that would best suit the euro area are likely to differ in terms of scope and depth from those in the United States or other advanced economies, said Lorenzo Bini Smaghi, a member of the European Central Bank's (ECB) executive board.
He said that compared to other advanced economies, a more market-based financial system prevailed in euro area, a consideration that was too often overlooked. He said that at the end of 2007, the stock of outstanding bank loans to the
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