BIS: debt now bigger problem than inflation

The main structural threat to global economic growth is no longer runaway inflation, but a slower rebalancing of excess debt, according to a working paper released by the Bank for International Settlements (BIS).

The paper, 'Monetary and prudential policies at a crossroads', by BIS head of research and policy analysis Claudio Borio, says financial liberalisation, globalisation, and more effective inflation control by central banks mean the main structural risk to the economy is now a more

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