Bulgaria a case study in effective prudential policy – BIS’s Carstens

Agustín Carstens

Bulgaria is a good example of a country that successfully deployed macro-prudential tools to dampen the effects of the 2007–09 financial crisis, Agustín Carstens said on July 8.

The Bank for International Settlements general manager said in general, countries in central and eastern Europe that had currency boards – including Bulgaria – were quicker to recognise the benefits of macro-prudential policy. Lacking a flexible interest rate, they had to look for other options.

“Your experience with

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