Central Banking

BIS urges vigilance on asset bubbles

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It's time for central bankers to get tough on bubbles, according to a top official at the Bank for International Settlements. Overly high stock and property prices should prompt central bankers to take interest rate action in the same way rising wage levels do, although most don't recognize these factors as forms of inflation, BIS General Manager Andrew Crockett said on Feb 13, 2001. In other words, it's not enough for U.S. Federal Reserve Board Chairman Alan Greenspan to mention "irrational

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