Plosser warns Fed against engaging in fiscal policy


Charles Plosser, the president of the Philadelphia Federal Reserve, on Friday warned that despite increasing calls in Europe and the US to pursue credit programmes, central banks should refrain from embarking on what he described as fiscal policies.

At the Philadelphia Fed Policy Forum in Philadelphia, Pennsylvania, Plosser said: "Central banks are under increasing pressure to act, both because fiscal authorities have been unable to make credible commitments to maintain fiscal discipline and

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