Despite the current concerns about global growth outcomes, there is evidence of self-sustaining recoveries in some of the major economies like the United States and the  1  See BIS, 2014. 84th annual report, BIS (page 10). 2  See Jaime Caruana, 2014. “Stepping out of the shadow of the crisis: three transitions for the world economy”, BIS (July).
BIS central bankers’ speeches  1  United Kingdom. It is now accepted that as growth recovers, policy makers in the advanced countries will start to unwind the exceptional monetary accommodation that is currently in place in these countries. This will inevitably lead to a tightening of financial conditions and higher global interest rates in the coming years.