Flying blind

ARTICLE - If you had asked a group of central bankers to draw up a wish-list a decade ago, near the top would have come low and stable expectations for inflation; a financial system that was more resistant to shocks; and emerging markets less prone to contagion. Last year, each of these wishes seemed to come true. But central bankers remain nervous.

Editorial from the FT, 9 July

The annual report from the Bank for International Settlements, the central bankers' bank, demonstrates the victory over

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