The world's central bank umbrella body, the Bank for International Settlements (BIS), called for more interest rate hikes in its 2023 annual report, warning the world economy was now at a crucial point as countries struggle to rein in inflation.
Aaron Chown - Pa Images | Pa Images | Getty ImagesThe world's central bank umbrella body, the Bank for International Settlements (BIS), called on Sunday for more interest rate hikes, warning the world economy was now at a crucial point as countries struggle to rein in inflation.
If interest rates get to mid-1990s levels the overall debt service burden for top economies would, all else being equal, be the highest in history, Borio said.
Banking crisesThe Swiss-based BIS held its annual meeting in recent days, where top central bankers discussed the turbulent last few months.
Commenting further on the economic picture, Carstens, former head of Mexico's central bank, said the emphasis was now on policymakers to act.
Persons:
Aaron Chown, Stern, Agustin Carstens, Claudio Borio, Borio
Organizations:
Bank for International Settlements, BIS, Reuters, Silicon Valley Bank, Credit Suisse
Locations:
Britain, Norway, Silicon
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