Central bankers in Davos urge speed to rescue economy

“Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday. Two days after the European Central Bank launched a bold bond-buying drive to revive inflation in the euro zone, a top ECB official warned that Europe’s common currency project could come unstuck if the bloc limped on with sluggish growth and mass unemployment.“We can’t do everything for Europe, we did our part on Thursday, others have to do their part. There is nothing we can do as the ECB to lift growth in a lasting way,” ECB executive board member Benoit Coeure said,” wrote Noah Barkin and Paul Taylor for The Globe and Mail January 24, 2015. They continued, “Reviewing the global economic outlook at the World Economic Forum in Davos, speakers from the IMF, the ECB, the Bank of England and the Bank of Japan said their ultra-loose monetary policy could only buy limited time for politicians.  The ECB announced on Thursday a massive programme of buying government bonds with printed money over 18 months from March in a drive to raise the inflation rate from the current 0.7 percent towards its target of close to but just below 2 percent.” Read the full article hereRaymond Matt, CFP, CLU, TEP, CHS

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