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Mario Draghi took an unusual tack among the world’s major policy makers — giving a speech that had no explicit reference to the UK’s decision to quit the European Union.
While investors are keen to hear what the European Central Bank president is doing to contain the fallout from Brexit, he decided to use his opening address at the ECB Forum in Sintra, Portugal, to call for global policy alignment. Acknowledging that ultra-loose monetary policies have “inevitably” created potentially destabilising spillover effects, he said there is a “common responsibility” to address the world’s economic weaknesses.
“We can benefit from alignment of...