German experience offers macro-prudential lessons for Europe, says Buba's Dombret
The severity of the financial crisis – when financial markets effectively dried up and central banks had to provide the banking system with liquidity to redress the malfunctioning of the interbank market – was rooted mainly in misalignments within the financial system itself, according to Andreas Dombret, the executive responsible for financial stability at the Bundesbank.
Writing for the latest edition of Central Banking Journal, Dombret says a major lesson of that experience was the need to
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