La Banque Centrale Européenne a publié une analyse du système monétaire international par B. Coeuré, un Membre du Conseil exécutif.
I am honoured to speak at this third IMF-SNB high-level conference on the International Monetary System.
The recent global financial crisis, including the ongoing euro area sovereign debt crisis, has reemphasised the need for global and coordinated safety nets. Following a decade that was largely free of crises, in the aftermath of Lehman Brothers collapse, liquidity has dried up globally and the crisis has spread to, and within, the euro area.
The view that crisis resolution mechanisms were inadequate also prevailed during the Asian crisis of the 1990s. This is one of the reasons why many emerging market economies have built up national foreign exchange reserves.
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