Federal Reserve Bank of New York President William Dudley said Thursday the U.S. central bank needs to take better account of how its actions affect other countries, although he continues to believe there are limits to how much officials can coordinate policy actions.

“Given the role of the dollar as the global reserve currency, the Federal Reserve has a special responsibility to manage policy in a way that helps promote global financial stability,” Mr. Dudley said in the text of a speech to be given before a private event held at his bank.