Caruana says central bank credibility ‘must not be squandered’

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Central banks are being ‘over-burdened' by governments in their efforts to ease the fall-out of the global financial crisis, according to Jaime Caruana, secretary general of the Bank for International Settlements (BIS). Caruana told central bank governors attending the BIS annual general meeting in Basel on June 24 that the credibility central banks had built up during the past two decades "proved its worth during the crisis", but warned "it must not be squandered".

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