BIS: Central banks playing for 'high stakes' as financial cycles turn
Cycles may be turning down in some emerging markets and up in advanced economies
Central banks are playing for "high stakes", trapped by a "risky trinity" and facing the turning of financial cycles, the Bank for International Settlements warns in its latest annual report, published on June 26.
The trinity is formed by debt levels that are too high, productivity that is too low, and room for policy manoeuvre that is too slim. This trinity threatens the global economy's efforts to move to a more sustainable situation, the BIS says.
As an institution, central banks have shown
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