The Bank of International Settlements (the Swiss 'central bank' for central banks) in its latest quarterly review

Says

  • The global credit boom is beginning to show dangerous signs of unraveling
  • Which will prompt fresh turmoil for markets and the global economy
  • Noted debt issuance & cross border flows in emerging economies have slowed

Claudio Borio, BIS' chief economist

  • "We may not be seeing isolated bolts from the blue, but the signs of a gathering storm that has been building for a long time"

BIS noting:

  • Monetary policy was creating problems
  • Global economy still showing weak productivity, slow growth, little major reforms

The Telegraph have a run-down with more details

-

The BIS seem rather late with their concerns ... if they had have been saying this stuff in January they would have been a bit more timely.