Britain’s economic recovery is showing signs that it can reach self-sustaining momentum, but monetary policy will need to remain exceptionally loose for some time to come, Bank of England Governor Mark Carney said on Monday.
Responding to some arguments that rich economies might be stuck in a rut of low growth, Carney said in a speech that he was confident that monetary policy was gaining traction and that a ‘liquidity trap’ had been avoided.
But with a heavy overhang of debt, he told the Economic Club of New York, central banks still needed to deploy a range of policies in a coordinated fashion.
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