Zero-policy rates 'ill-serve' emerging markets: BIS's Caruana

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Jaime Caruana, the general manager of the Bank for International Settlements (BIS), on Thursday admitted the accommodative monetary policy stance in advanced economies was driving up credit growth in emerging economies, warning that it could have harmful consequences on healthy balance sheets.

At the International Capital Markets Association Annual General Meeting and Annual Conference in Paris, Caruana said: "Zero interest rates may serve well domestic borrowers in an economy with persistent un

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