October 17, 2017 / 9:08 AM / a year ago

ECB's Constancio says time to take bubble-bursting 'more seriously'

FILE PHOTO: European Central Bank Vice President Vitor Constancio speaks during a Reuters Newsmaker event in New York February 19, 2016. REUTERS/Brendan McDermid

FRANKFURT (Reuters) - It is time that authorities in Europe and the other rich parts of the world take the fight against financial bubbles “more seriously” or risk facing another financial crisis, the vice-president of the European Central Bank said on Tuesday.

“Monetary policy, even when recalibrated, will continue to keep a very accommodative stance,” Vitor Constancio said at an event in Lisbon.

“This implies that, in the present configuration of risks, Europe and all other advanced economies will have to take macroprudential policy much more seriously or they will face the risk of other financial crises that monetary policy cannot prevent.”

Reporting by Francesco Canepa; Editing by Alison Williams

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