Claudio Borio, head of the Bank for International Settlements’ (BIS) monetary and economic department, told journalists that “[market participants’] confidence in central banks’ healing powers has – probably for the first time – been faltering”. Policy-makers “would do well to take notice”, he said

In its previous review, published in December, the BIS warned of “uneasy calm” before a coming storm, and the turbulence in markets at the start of the year seems to have justified those fears. A