Ben Bernanke has launched a staunch defence of the US central bank’s aggressive monetary easing amid attacks on the policy from officials around the world.
The head of the Federal Reserve rounded on critics of the policy, which has prompted accusations that he has sparked a global “currency war” that risks destabilising emerging market economies.
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The Fed’s effort “not only helps strengthen the US economic recovery, but by boosting US spending and growth it has the effect of helping support the global economy as well”, Mr Bernanke said on the last day of International Monetary Fund annual meetings in Tokyo on Sunday.
“It is not at all clear that accommodative policies in advanced economies impose net costs on emerging market economies,” he added. Read more....