Central banks need to start tightening policy, says BIS

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The world's advanced economies risk squandering the extra time central banks have bought for them if they do not accelerate structural reforms, according to the Bank for International Settlements' (BIS) 2013 annual report.

Unprecedented loose monetary policy has brought the world "past the height of the crisis", says the BIS, but is now "at a crossroads" where the cost-benefit balance of keeping monetary conditions loose is becoming less favourable, and central banks are unable to do "whatever i

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