Where the BIS falls short


The latest contribution from the central bankers’ think-tank, the Bank for International Settlements’ (BIS) Annual Report 2012, is to be welcomed on several grounds. It is couched in clear language and does not mince words. And it provides a heavyweight answer to the siren voices promising that the way out of the prolonged economic slowdown (with a return to recession in many areas) is for governments to ‘end austerity now’.

However, the report also suffers from weaknesses. Its recommendations a

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