Central banks must abandon finance sector: Rogoff

Kenneth Rogoff, a former chief economist at the International Monetary Fund, has urged central banks to stop supporting their beleaguered finance industries.

Rogoff, now a Harvard economics professor, said in The Guardian, a British newspaper, that central banks were "extraordinarily exposed" to financial sectors and that the strategy of "maintaining banking systems on feeding tubes of taxpayer-guaranteed short-term credit" threatened to jeopardise the stability of central banks.