The international consultative Group of Thirty (G30), whose members are central bankers and bankers from big private banks, has just released a report. They conclude much work remains ahead for governments and central banks to secure a solid recovery.
“A report by the Group of Thirty, an international body led by former European Central Bank chief Jean-Claude Trichet, warned on Saturday that zero rates and money printing were not sufficient to revive economic growth and risked becoming semi-permanent measures, “said Reuters.
Some people just don´t go away! While president of the ECB Trichet was instrumental in not only aborting but reversing a recovery that was promising by raising rates twice to combat the rise in oil prices, which were coming back after having tanked after the crisis hit. Meanwhile, at about the same time the Fed and the BoE were less “mean”, just deciding that 4% nominal spending growth was “the way to go”.