Confronting the financial lobby

Notwithstanding improvements in the functioning of money markets and signs of economic recovery, central bankers from the leading developed countries remain extremely pessimistic about the underlying financial and economic situation. While they were engaged in fire-fighting during the critical phase of the banking crash in 2007-08, they were driven by events to use all weapons at their disposal - and hastily develop some new ones - in their efforts to limit the damage. Now, they are uneasily

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