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Central banks in Europe are starting to cut back on their quantitative easing programs and the Federal Reserve has already done so, causing a so-called "crisis of crisis" in 2013, with the reduction in the financial liquidity of the crisis. ;economy. Central banks, however, want to "normalize" monetary policy and end a decade of unconventional policies.
Paul Donovan, chief economist at UBS Wealth Management, told CNBC on Monday that he feared a crisis of a different nature, but that investors and bureaucrats were unprepared.
"One of the issues that I have, is that this has become a dominant discourse, that the crisis has had such an effect that it has invaded the minds of investors and policy makers and that everything is perceived through the crisis, "said Donovan. .
"But is it fair to live in the past? And in fact, the next crisis is going to be something totally different, but because we have been so touched by what happened 10 or 11 years ago. "
Bean agreed, saying that it was "reasonable" to believe that the next crisis could have a different character from the one we experienced.
"For example, the tightening of US policy is putting upward pressure on the dollar and you have seen many emerging countries and companies borrow in dollars, and that seemed interesting because interest rates were low.
"But now, they may be facing a double interest rate and a dollar appreciation.I'm not saying that there will be a crisis there, but it's not going to happen." is another point of vulnerability. "
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