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Policymakers need to abandon the illusion that they can use monetary and fiscal stimulus to engineer economic growth without stoking inflation or breeding financial instability, the head of the Bank for International Settlements has warned. Agustín Carstens, general manager of the BIS, an umbrella body for central banks, called on Monday for governments and central
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‘Banking crisis!’ is back in the headlines, and with it a debate about what role banks should really play in an economy, and what should be left to markets. With that in mind, the New York Federal Reserve’s economists have trawled through the history books to find evidence of why they say a “narrow banking”
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The UK parliament’s standards commissioner has opened an investigation into Prime Minister Rishi Sunak over allegations that he failed to declare a financial interest correctly. The investigation, which became public on Monday, comes after complaints that Sunak failed when discussing increased funding for childcare to mention that his wife, Akshata Murthy, held shares in Koru
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While Joe Biden was on a sentimental journey to Ireland, Xi Jinping was busy in Beijing. Following a high-profile visit by President Emmanuel Macron of France, the Chinese leader played host to President Luiz Inácio Lula da Silva of Brazil. The messaging to emerge from the Lula-Xi summit was congenial to China and disturbing to
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Eswar Prasad has been thinking about China’s economy longer than most. The Cornell professor’s new paper — which examines whether the Chinese economy has gone from “miracle to malady” — makes for timely reading amid fears the Asian superpower has fallen into a classic middle-income trap that could morph into something more dangerous. Prasad’s basic
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European stocks rose at the open on Monday as traders balanced their concerns over a potential recession and its implications for interest rates against better than expected results from several of the biggest banks in the US. Europe’s region-wide Stoxx 600 added 0.4 per cent, Germany’s Dax also rose 0.4 per cent and London’s FTSE
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Global regulators are considering imposing tougher rules on smaller lenders and requiring all banks to ready themselves for faster runs on deposits as officials search for lessons from the recent turmoil that led to the failure of several midsized US institutions. The Basel Committee on Banking Supervision, which sets global standards, promised in March to
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You might think that bank regulators would be feeling a little jittery these days — in short order, three US lenders and the globally systemic Credit Suisse became victims of a not-so-mini-banking crisis that all too closely resembled the chaotic collapses of 2007-08. Instead, there is a quiet sense of satisfaction. The failures were contained
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Immigration is back, in the US at least. Over the past two and a half years, immigration into the American labour market has increased by 4mn workers, and the working age immigrant population has now finally reached its pre-pandemic trend level. This is likely to be a central factor in strong employment growth, particularly in
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India: Several three-day meetings begin under India’s G20 presidency: the health working group gathers in Goa, the digital economy working group meets in Hyderabad and chief agricultural scientists convene in Varanasi. The two-day G20 Space Economy Leaders Meeting begins in Shillong. Prime Minister Narendra Modi travels to Somnath to inaugurate the Saurashtra Tamil Sangamam, a
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