The Bank for International Settlements, dubbed the bank for central banks, says it is vital authorities don't repeat the stop-start cycles of the 1970s.
, the Bank for International Settlements has said, urging them to avoid the mistakes of the 1970s by declaring victory too early.
The BIS, dubbed the bank for central banks, said it was vital authorities didn’t repeat the stop-start cycles of the 1970s when interest rates had to be hiked to painfully high levels after attempts to lower them resulted in an inflation surge. “Central banks have been very, very clear that at this stage the most important aspect is to get the job done,” the head of the BIS’ Monetary and Economic Department, Claudio Borio, said as part of a quarterly report.
“A cautious attitude designed to make sure that one is not declaring victory too early is the appropriate one.”
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