“What I do know is since almost a year ago, when the euro zone problems became acute in the summer of 2011, we've been very busy trying to identify where all the connections are with Europe and our banking system in order to urge our banks to make sure they have adequate capital and liquidity buffers, to ring-fence where possible” Posen said.
“There's still a contagion effect , a transmission effect which is dragging us even if nothing terrible happens in euro area,” he said. “But we've done our best to insulate against the worst.”
By CNBC's Head of News, Patrick Allen
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