"Asymmetric shocks across countries may trigger pro-cyclical international debt flows, with households and firms in faster-growing countries tempted to borrow more, funded by outflows from slower-growing countries," Philip Lane, who also sits on the European Central Bank's Governing Council said.

"If such flows become excessive, these may act as a destabilising force, as experienced by Ireland and Spain in the mid-2000s," Lane told a conference in Dublin.

Lane also called for 'global coordination', given the "considerable turbulence in emerging economies and much discussion of cyclical divergence between the US and European economies".

He also said that global coordination among regulators and policy officials was important for the sake of international financial stability.

(Writing by John O'Donnell; Editing by Balazs Koranyi)