Dudley calls for global insurance mechanism to smooth taper tantrums

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The Federal Reserve has "a special responsibility" to conduct its policy in a way that helps "promote global financial stability", according to New York Fed president William Dudley. But instead of trying to tailor its policy to suit the rest of the world, he said a better international mechanism should be devised to help emerging markets cope better when capital flows change direction abruptly.

Speaking yesterday at a New York Fed round table event in honour of the bank's now retired head of em

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