BIS tells central banks to head for the exits
In its annual report out today the Bank for International Settlements has warned of the dangers of adding further monetary stimulus in a global economy that was ” past the height of the crisis”
Alas, central banks can not do more without compounding the risks they have already created.
Delivering more ” extraordinary” stimulus was becoming
Coming as it does at the end of the week that saw the Fed announce its plans to taper its USD85 bln per month stimulus it can be seen as shot across the bows of the BOJ, ECB, BOE, SNB and many others who have yet to rule out further easing and/or negative depo rates.
The FT carries more here ( possibly gated but available with a free basic subscription)
The full text of the annal report and comments from the AGM can be found here at the BIS website