The Bank for International Settlements has warned that “euphoric” financial markets have become detached from the reality of a lingering post-crisis malaise, as it called for governments to ditch policies that risk stoking unsustainable asset booms.
While the global economy was struggling to escape the shadow of the crisis of 2007-09, capital markets are “extraordinarily buoyant”, the Basel bank said, in part because of the ultra-low monetary policy being pursued around the world.
Leading central banks should not fall into the trap of raising rates “too slowly and too late”, said the BIS, the bank for central banks, calling for policy makers to halt the steady rise in debt burdens around the world and embark on reforms to boost productivity.
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