Fragile global economy ‘at risk of new crisis’: BIS

The Bank for International Settlements (BIS) in Switzerland is warning of the threat of a new global credit crash and a deep recession.

“A shock of virtually any size risks a replay of the events we saw in late 2008 and early 2009,” says the bank in its annual report. “Unlike then, however, we have hardly any room for manoeuvre. Policy rates are already at zero and central bank balance sheets are bloated.”

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