An organization that serves as an umbrella
institution for the world’s largest central banks on Sunday joined a
growing list of institutions and leaders pushing euro zone countries to
insure bank deposits and take other steps to prevent the
European debt crisis from further undermining the global economy.
The
organization, the Bank for International Settlements, warned that
central banks could not cope with the euro zone crisis alone. The
central banks are nearing the limits of their resources, the
organization said in its annual report, and it is time for policy makers
to act.
“Central banks are being cornered into prolonging monetary stimulus, as
governments drag their feet and adjustment is delayed,” the organization
said. “It would be a mistake to think that central bankers can use
their balance sheets to solve every economic and financial problem.”
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