The Federal Reserve should take responsibility as an "international lender of last resort", according to Stephen Cecchetti, the former head of the Bank for International Settlements' (BIS) Monetary and Economic Department.
The dollar enjoys a privileged position in the world economy, Cecchetti said, addressing a workshop on central banks' lender of last resort functions earlier this year, papers from which were published today by the BIS.
The dollar's reserve currency status provides constant de
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