Global economic problems beyond scope of central banks – Hubbard

Photo: Andreas Praefcke

Current difficulties facing the global economy are beyond the scope central banks, the former chair of the US Council of Economic Advisers has said.

“I think we’ve asked too much of the [Federal Reserve], of the European Central Bank and of the Bank of Japan,” Glenn Hubbard said to Dallas Fed president Robert Kaplan during a recent panel discussion. “We have asked them to solve problems that they really can’t solve.”

Hubbard, who was also an adviser to the New York Fed for most of the 1990s

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