BIS’s Borio says current account obsession obscures important results
Policy is impacted by failure to recognise importance of gross flows
The G-20's traditional focus on current account imbalances hides important information on global financial flows, Bank for International Settlements' (BIS) Claudio Borio, said on August 28.
Borio, who heads the BIS's Monetary and Economic Department, warned that while the current account is important, its centrality in debates over global spillovers is counterproductive. "It may even lead to the wrong policy prescriptions," he told a conference hosted by the European Central Bank and Central
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