Stability before competitiveness, say supervisors
ECB’s Donnery and BIS’s Restoy discuss merits of imposing secondary mandate on growth
Supervisory authorities must prioritise financial stability before considering measures to boost competitiveness and growth, top officials at the European Central Bank and the Bank for International Settlements have said.
In a panel discussion during the Institute of International Finance’s (IIF) annual meeting on October 15, Sharon Donnery, a member of the ECB’s supervisory board, argued that her team’s contribution to competitiveness came from ensuring the financial system remained safe and
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