‘Unofficial dollarisation’ raises significant stability risks, ECB study finds

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The active use of foreign currencies such as the US dollar and – to a far lesser extent – the euro in emerging market economies can contribute to the build-up of significant risks to financial stability and limit the scope for counter-cyclical policies, according to a new study by the European Central Bank (ECB).

Some emerging markets have a significant share of their assets and liabilities referenced in US dollars, euros and other ‘hard' currencies. When these holding are of substantial size

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