Central banks "cannot do 'whatever it takes' to return still-sluggish economies to strong and sustainable growth," says Bank for International Settlements head economist Stephen Cecchetti. In its annual report, the BIS blames unconventional monetary policy for delaying private sector deleveraging and for making countries especially vulnerable to rising interest rates which, "without an equal increase in the output growth rate will further undermine fiscal sustainability." Cecchetti also says that despite some high profile controversy, research suggests "Kenneth Rogoff and Carmen Reinhart are right in their original claims" regarding the effects of high debt ratios on economic growth.
Central banks "cannot do 'whatever it takes' to return still-sluggish economies to strong and...
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