werganizuoja
June 28, 2016 8:43 AM
SINTRA, PORTUGAL — European Central Bank President Mario Draghi
Draghi said in a speech Tuesday at an ECB conference that the current slow-growth world of high savings, low investment, and weaker productivity could be tackled with pro-growth policies such as more public spending.
He said the key is a "shared diagnosis'' and "alignment'' rather than formal coordination.
Central banks, including the ECB, Bank of England, Bank of Japan, and the U.S. Federal Reserve have carried out massive stimulus efforts involving very low or negative interest rates and printing money to increase credit and growth. Central bankers have complained that governments have left too much of the burden to them.
Draghi said that divergence among the monetary policies of central banks, with, for example, the Fed looking to raise interest rates while the ECB is pumping more stimulus, risks creating uncertainty and volatility in currency markets. He called for "enhanced understanding among central banks on the relative paths of monetary policy."
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