From Norma Cohen, "Global economy is stuck in a vicious cycle, warns BIS," Financial Times, June 25, 2012. Via Gang8:
Stephen Cecchetti, chief economist of the BIS often referred to as the bank for central banks said five years after the financial crisis engulfed the global economy, the world appears no closer to finding a sustainable economic model...
Every additional year that policy makers fail to get to grips with long-term fiscal consolidation makes the recovery period even longer, he warned.
Agreed.
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