The global economy is experiencing a “vicious cycle” in which the efforts of governments, households, businesses and the financial sector to reduce their debts are worsening each others’ prospects, the Bank for International Settlements has warned.
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.
Not until regulators get to grips with the banking system’s woes by forcing banks to recognise losses, take write-offs and raise capital can the path to sustainable growth begin, he said.
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