BIS steps up pressure to end financial sector support

Emergency measures brought in during the crisis are now doing more harm than good, annual report says

"Emergency-room treatment" doled out by central banks to save their economies and financial sectors during the crisis is now posing a real threat to the recovery, the Bank for International Settlements (BIS) warned today.

The bank argued that stimulus spending has reached its limits "in a number of countries", and called for immediate deficit-cutting measures. It added that keeping interest rates low and liquidity high would create "risks for financial and monetary stability", calling for

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ESRB narrows its macro-prudential tools

The European Systemic Risk Board is about to announce a slimmed-down list of potential macro-prudential tools, but who has the power to use them is still the subject of debate. By Michael Watt

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