Weaker unions will limit inflation: BIS's Knight

The outgoing head of the Bank for International Settlements (BIS) offered some succour to central bankers on Monday, saying that the decline of unionisation will mean the second-round effects of the recent surge in global food and commodity prices will not be as strong as in the 1970s.

Speaking at the press conference following the BIS's annual general meeting, Malcolm Knight, the BIS's general manager, said: "In the 1970s, we had a period of pretty significant stagflation, with very high

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