BIS calls for governments to boost economic recovery

<p>Governments must do their bit to boost economic recovery, says the BIS.</p>

Governments around the world have been told they have to do their bit to boost economic recovery and cannot rely solely on banks to achieve this.

The Bank for International Settlements (BIS), which is based in Switzerland, stated banks have done as much as they can be expected to.

In its annual report, the BIS said banks can do no more to improve economies in the wake of the six-year long global credit crisis.

"Although six years have passed since the eruption of the global financial crisis, robust, self-sustaining growth still eludes the global economy", the body said.

It also pointed out that central banks cannot solve the "structural problems" that are preventing a return to strong and sustainable growth and this is where governments will have to step in.

Global stock markets have been dropping recently on the back of the news the US Federal Reserve could begin to wind down its asset purchasing programme later in the year.

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