Easy monetary policies at the largest central banks have pushed the world into a “backdoor currency war,” the president of the Center for Financial Stability, a New York-based think tank, has warned.

Lawrence Goodman, a former US Treasury official, said post-crisis policy moves are creating unintended consequences. "This is not an overt currency war, but a backdoor currency war thorough the proliferation of easy monetary policy across the globe," he told a New York conference on systemic risk.