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Central bankers urge tax raises or spending cuts to tackle infation

The Bank for International Settlements' general manager said the key policy challenge remains fully taming inflation.

The twin towers of Frankfurt's European Central Bank (ANCharlotte Venema/Unsplash)

The Bank for International Settlements cautioned the final stretch toward global financial stability will depend on taming inflation, and it will be painful.

In its annual economic report on Sunday, the Basel, Switzerland-based BIS noted the global economy has reached a "critical and perilous juncture" as central banks tighten monetary policy to bring inflation back under control.

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