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Are Central Banks Losing Their Big Bet?

El-Erian, Mohammed, (2019), “Are Central Banks Losing Their Big Bet?“, Project-Syndicate, July

Following the 2008 global financial crisis, central banks bet that greater activism on the part of other policymakers would be their salvation, helping them to normalize their operations. But that activism never came, and central bankers are now facing a lose-lose proposition.

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