Nalm 2013: Kotz stresses necessity of exceptional policy despite moral hazard

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Problems of moral hazard resulting from action by major central banks to calm financial market turmoil are serious but unavoidable, as the alternatives are much worse, according to Hans-Helmut Kotz, a senior fellow at Goethe University in Frankfurt and a former member of the executive board at the Deutsche Bundesbank.

Delivering a keynote address on the first day of Central Banking's National Asset Liability Management 2013 conference in London today, Kotz said central banks had intervened at the

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