Mark Carney, the outgoing governor of the Bank of England, said central banks are low on ammunition to combat the next recession.
, the Bank of England governor worried that central banks around the world are ill-prepared to prevent the next major economic downturn.
,” which occurs when monetary policy loses all effectiveness and fails to encourage any additional spending. Similar to comments from other bank leaders, such as the European Central Bank’s Mario Draghi and his successor, Christine Lagarde, Carney argues that governments should also use fiscal policy tools, like tax cuts or boosts to public spending, to combat a future recession.
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