BIS central bankers’ speeches  1  But this evening I want to touch on some deeper underlying and worrying issues for the whole economy namely: the impact of the on-going global crisis and our economic prospects.
First, the economic crisis We all observe with rising dismay how the crisis in the US and Europe has metastasised from sub-prime to sovereign debt, moving from recession to slowdown, aided and abetted by political ineptitude and economic incoherence. It seems to many that the leaders in the West keep being caught wrong-footed by the unfolding chaotic scene.