BIS calls for new paradigm in economic policy
Annual report warns of failure to understand importance of finance
Policy-makers worldwide, including central bankers, are failing to tackle the most serious problems afflicting their economies due to a failure to understand how the financial and real economies interact, the Bank for International Settlements (BIS) said today (June 28).
The BIS has long called for policy-makers to take better account of financial cycles, but today's annual report goes further in linking lingering financial damage to disappointing productivity, examining the malaise of the
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