FOREX TradingCharts.com

Financial News: BoE's Carney Says Major Central Banks Have Limited

BoE's Carney Says Major Central Banks Have Limited Room To Combat Downturn

01/08/2020 - 04:48:00 (RTTNews)

(RTTNews) - Major central banks are going to find difficult to combat an economic downturn as they are running out of monetary policy tools, Bank of England Governor Mark Carney said in an interview with the Financial Times.

"It's generally true that there's much less ammunition for all the major central banks than they previously had and I'm of the opinion that this situation will persist for some time," the outgoing governor warmed.

"If there were to be a deeper downturn, [that requires] more stimulus than a conventional recession, then it's not clear that monetary policy would have sufficient space," he added.

Carney cautioned that the global economy is heading towards a "liquidity trap" and policy loosening would fail to encourage additional spending.

The Bank of England had lifted its key interest rate by a quarter-point to 0.75 percent in 2019. The US Federal Reserve had lowered its rates three times last year.

Carney suggested that the government needs to consider fiscal measures such as tax cuts or public spending to tackle a downturn. He remained optimistic about the economy after the Brexit.

The banker said the government should not accept EU rules for the financial services sector after Brexit.

"It is not desirable at all to align our approaches, to tie our hands and to outsource regulation and effectively supervision of the world's leading complex financial system to another jurisdiction," Carney told FT.

Andrew Bailey will take charge as Bank of England Governor after Carney step down on March 15.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. New Home Sales Unexpectedly Edge Lower In December (27 min(s), 53 sec(s) ago)
(RTTNews) - New home sales unexpectedly showed a modest decrease in the month of December, accordi ...Full Story»

Bank Of England Set To Hold Rates On Improving Economic Activity (01 hr(s), 17 min(s), 53 sec(s) ago)
(RTTNews) - The Bank of England is likely to keep its monetary policy rates unchanged this week af ...Full Story»

Singapore Economy To Be Impacted By Wuhan Coronavirus Outbreak, Minister Says (02 hr(s), 06 min(s), 53 sec(s) ago)
(RTTNews) - The coronavirus outbreak in the Chinese city of Wuhan is set to impact the Singapore e ...Full Story»

German Business Confidence Weakens Unexpectedly (03 hr(s), 29 min(s), 53 sec(s) ago)
(RTTNews) - German business sentiment deteriorated unexpectedly at the start of the year, reflecti ...Full Story»

Poland Jobless Rate Rises Further (05 hr(s), 03 min(s), 53 sec(s) ago)
(RTTNews) - Poland's jobless rate rose for the second straight month in December, data from St ...Full Story»

German Jan Ifo Business Confidence Weakens In January (06 hr(s), 21 min(s), 53 sec(s) ago)
(RTTNews) - German business confidence weakened in January, reports said citing survey data from t ...Full Story»

Denmark Retail Sales Fall In December (07 hr(s), 31 min(s), 53 sec(s) ago)
(RTTNews) - Denmark's retail sales fell in December after rising in the preceding month, figur ...Full Story»

Turkey Manufacturing Capacity Utilization Falls In January (07 hr(s), 37 min(s), 53 sec(s) ago)
(RTTNews) - Turkey's manufacturing capacity utilization decreased in January, figures from the ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. New Home Sales Unexpectedly Edge Lower In December

01/27/2020 - 10:19 AM (RTTNews)
(RTTNews) - New home sales unexpectedly showed a modest decrease in the month of December, accordi ...Full Story>>

Bank Of England Set To Hold Rates On Improving Economic Activity

01/27/2020 - 09:29 AM (RTTNews)
(RTTNews) - The Bank of England is likely to keep its monetary policy rates unchanged this week af ...Full Story>>

Singapore Economy To Be Impacted By Wuhan Coronavirus Outbreak, Minister Says

01/27/2020 - 08:40 AM (RTTNews)
(RTTNews) - The coronavirus outbreak in the Chinese city of Wuhan is set to impact the Singapore e ...Full Story>>

German Business Confidence Weakens Unexpectedly

01/27/2020 - 07:17 AM (RTTNews)
(RTTNews) - German business sentiment deteriorated unexpectedly at the start of the year, reflecti ...Full Story>>

Poland Jobless Rate Rises Further

01/27/2020 - 05:43 AM (RTTNews)
(RTTNews) - Poland's jobless rate rose for the second straight month in December, data from St ...Full Story>>
Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.