International policy co-ordination is a 'fair weather' phenomenon, says Carstens
Emerging markets (EM) suffering destabilising capital outflows should take policies in advanced economies "as given", Bank of Mexico governor Agustin Carstens argued during a speech in New York on Friday.
"International policy coordination is a fair weather phenomenon," Carstens said in reference to calls for advanced economy central banks to take cross-border impacts of their actions into account when formulating policies. "Right now we don't have fair weather… so [EMs] need to find their own
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