The chief economist of the International Monetary Fund, Olivier Blanchard, tells french paper Les Echos today that central banks around the world should keep interest rates very low given a lack of recovery in private demand.
“So long as there is no recovery in private demand,” Blanchard tells the paper, “it is absolutely vital–maybe even beyond 2010.�If that creates bubbles between now and then, different means must be found (to address them), buy it is essential for economic activity to start up again.”
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