Excess liquidity is dangerous, but lack of liquidity is as troubling; The exchange rate is never favourable, whether for exporters or for importers; The policy rate, when it is high, is not helping businesses and borrowers and, when it is low, it goes against those who want to save… I could go on and on with the never-ending dichotomy of views and criticisms.
Indeed, it is a tale of two cities! Ladies and gentlemen, 1/5  BIS central bankers' speeches  Let me draw your attention to some facts which are true cause for concern for us as policymakers. The global economic uncertainty has worsened. The IMF and the World Bank have revised down their global growth forecasts for 2019 and 2020.