translate English to French: This has been a major factor in recent currency and financial crises, with serious negative impacts on macroeconomic stability that has reduced flexibility for macroeconomic policies and produced adverse effects on capital accumulation and growth.
Cela a eu de graves effets sur la stabilité macroéconomique en réduisant la marge de manœuvre des politiques macroéconomiques et a entravé l'accumulation de capital et la croissance.