Economics
Goldman Sachs’s Cohn Calls Central Banks an ‘Ineffective Cartel’
- Cohn speaks on a panel at IIF annual meeting in Washington
- Says monetary policy alone can’t drive economic growth
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Goldman Sachs Group Inc. President Gary Cohn called the world’s central banks an “ineffective cartel” as monetary policies have become too intertwined, causing global economic growth to stagnate.
“We no longer have independent countries with independent central banks that can drive economic growth or contract economic growth within their own countries,” Cohn, 56, said Friday during a panel discussion at the Institute of International Finance meeting in Washington. “We have a globalized world with a globalized work force and we therefore have a globalized monetary policy."