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Written by
Todd Buell and David Wessel
- The Wall Street Journal
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Monday, July 09, 2012
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The unconventional measures introduced by many central banks in response to financial turmoil could create other problems if carried out for too long, the general manager of the Bank for International Settlements said Sunday.
Central banks currently find themselves "caught in the middle," Jaime Caruana said, "forced to be the policy makers of last resort."
They are providing monetary stimulus on a "massive scale," supplying liquidity to banks unable to fund themselves in markets and easing government financing burdens by keeping interest rates low, said Mr. Caruana, speaking in Basel, Switzerland, at the annual general meeting of the BIS, a ...
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