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ECB cannot return to old monetary policy, Constancio says

European Central Bank Vice President Vitor Constancio says the "old normal" in banking regulations is gone forever due to reforms resulting from the financial crisis. "It is somewhat doubtful that monetary policy can remain effective just by going back to the traditional approach of very small central-bank balance sheets and the targeting of overnight money market rates," said Constancio, whose term is ending this month.

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