For BIS, Greece’s Omission Is a Graphic Error
The eurozone has already lost Greece. At least, that’s what a map included in the Bank for International Settlements’ annual report appeared to show when it was first published.
The graphic is part of a chapter that looks at the failures of the international monetary and financial system—which it defines as “the arrangements governing transactions in goods, services and financial instruments among countries.”
One of the problems the BIS identifies with the system is that the monetary policies of the U.S. Federal Reserve and the European Central Bank spread far beyond the borders of their respective economies. In recent years, this has led to a global monetary-policy setting that is weaker than it should be, fueling credit and asset-price booms that are bound to end in tears....MORE
