Yellen defends IMF proposals on capital controls

Federal Reserve vice-chair takes Fund line on framework to tackle capital inflows; follows criticism of framework from Indian, Brazilian officials

yellen-janet

Janet Yellen, the vice-chair of the Federal Reserve, on Friday backed the International Monetary Fund (IMF) line on when to implement capital controls.

The IMF last month released a document, Recent Experiences in Managing Capital Inflows-Cross-Cutting Themes and Possible Policy Framework, which proposed circumstances in which the use of capital controls is appropriate.

The document advised countries to allow their exchange rate to appreciate if it is undervalued, buy foreign exchange reserves

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ESRB narrows its macro-prudential tools

The European Systemic Risk Board is about to announce a slimmed-down list of potential macro-prudential tools, but who has the power to use them is still the subject of debate. By Michael Watt

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