Governments should raise taxes or cut public spending to help central banks tame inflation and mitigate risk of financial crisis. Read on.
Central bankers have insisted that they are confident in their abilities to separate monetary policy decisions from financial stability concerns, but the BIS’s concern contrasts with those assurances.
Agustín Carstens, head of the BIS, said inflation was falling in most countries but “the last mile is typically the hardest.” Central bankers kept rates too low for too long when inflation was below target because this encouraged the private sector to pile on debt, adding to eventual financial sector vulnerabilities, the BIS said.Article content
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