Economics
Dimon, Cohn Say Global Monetary Policy Becoming Less Effective
- JPMorgan CEO sees failure to coordinate fiscal policy
- Goldman president calls central banks an ‘ineffective cartel’
The Marriner S. Eccles Federal Reserve Board Building stands in Washington, D.C., U.S., on Tuesday, Nov. 30, 2010.
Photographer: Joshua Roberts/BloombergThis article is for subscribers only.
The world’s central banks are trying to reignite the global economy with tools that have lost their effectiveness, and fiscal policy is failing to make up the difference, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said.
“I just don’t think the system is functioning the same and I think the monetary authorities are trying to figure out what these things do,” Dimon, 60, said Friday at the Institute of International Finance’s annual meeting in Washington. “Nor do I think the systems are coordinated. Fiscal policy and monetary policy -- if we got those things right I think we would have extra growth.”