BIS annual report: ‘disaster averted’ but world ‘not out of the woods’

Agustín Carstens
Agustín Carstens: “global co-operation is of the essence”
Photo: BIS

The world is facing an uneven and uncertain exit from the pandemic, even though swift policy action was able to avert “disaster”, the Bank for International Settlements says.

“In no small measure, the recovery owes its strength to policy,” the BIS says in its annual economic report, published today (June 29). Fiscal support in the form of transfers, loans and guarantees helped protect firms and households. Monetary stimulus complemented fiscal actions by keeping financial conditions

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