Rising global imbalances will be difficult to smooth out – panel
BoE’s Alan Taylor says imbalances bring financial stability risks
Growing global imbalances are being driven in part by countries’ industrial policies and will be difficult to unwind, according to members of a panel held on May 7 at the Bank of England Agenda for Research conference.
“They’ve returned to high levels, which we’ve only seen a few times before in modern economic history,” said Alan Taylor, an external member of the BoE’s monetary policy committee (MPC). “And the novelty now is not just their size, but maybe these new mechanisms behind them.”
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