Central banks must grasp opportunity to shrink balance sheets safely

The BIS in Basel

Central banks in advanced economies should take this golden opportunity of low inflation coupled with economic recovery to begin a "gradual and deliberate normalisation of monetary policy" if they are to return their balance sheets to ‘normal' levels without surrendering independence over monetary policy to governments, the deputy head of the Bank for International Settlement's (BIS) monetary and economic department warned yesterday.

In a new paper published yesterday, Philip Turner, also the

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