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Top Central Bankers Defend Stimulus Efforts

FRANKFURT—The heads of four of the world’s most important central banks defended their sweeping crisis-fighting measures in a rare joint appearance, and discussed how words themselves have become a vital policy tool.

The leaders of the Federal Reserve, European Central Bank, Bank of Japan and Bank of England—whose terms all end in the next two years—have relied heavily on verbal communication in recent years as their policy decisions have grown more complex.

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