BIS's Caruana warns low interest rates are ‘self-validating'

Jaime Caruana

Persistent low interest rates risk becoming self-validating in a new and "highly undesirable" equilibrium featuring high debt and anaemic growth, Bank for International Settlements (BIS) general manager, Jaime Caruana, warned in his speech on Sunday to the BIS annual general meeting.

Expanding on themes brought out in the BIS annual report, also published on Sunday, Caruana said the world's economies need to "tackle the structural headwinds straight on", rather than relying on easy monetary poli

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