RBA’s Stevens addresses growing importance of policy spillovers

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Glenn Stevens, the governor of the Reserve Bank of Australia (RBA), in a speech today (December 12) highlighted a growing awareness among economic policy-makers of the cross-border impact of domestic policy decisions.

Speaking at an event held to mark the 70th anniversary of the Bank of Thailand, Stevens said the financial crisis had revealed the instability that could be created by global imbalances. Asian economies, he stated, have expanded beyond the point where export-led growth is

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