BIS Annual Meeting Speech.pdf

sp130623.pdf
Preview of BIS Annual Meeting Speech
🔗 Source: bis.org
📊 Size: 119 KB
👤 Author: Jaime Caruana
⬇️ Downloads: 85

Summary

Central banks and fiscal authorities have supported the global economy with unprecedented measures since the financial crisis began, keeping policy rates near zero and increasing central bank balance sheets. However, the global recovery remains halting and fragile, with productivity growth trending downward. Easy financial conditions can only do so much to revitalize growth when balance sheets are impaired and resources are misallocated. Central banks have borrowed time for the private and public sectors to adjust, but they cannot substitute for it, and prolonged stimulus magnifies challenges and increases financial stability risks. The balance of costs and benefits of continued monetary easing has deteriorated, and borrowed time should be used to restore foundations of solid long-term growth by ending dependence on debt, improving economic flexibility, and recognizing the limits of central banks.

Description

Central banks and fiscal authorities have supported the global economy with unprecedented measures since the financial crisis began, keeping policy rates near...

Technical Information

  • File Format: PDF
  • File Size: 119 KB
  • Pages: 9
  • Language: EN
  • Author: Jaime Caruana
  • Total Downloads: 85
  • Last Updated: 1 month ago

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