In a new paper Mr Borio and Piti Disyatat concede that excess global savings may have held down long-term interest rates prior to 2007.

在一份新的报告中，他和Piti Disyatat有所让步，同意在2007年前全球过渡的储蓄压制了长期利率水平。

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Messrs Borio and Lowe argue that central banks need to pay more attention to excessive growth in credit even when inflation is subdued.

ECONOMIST: Yesterday's financial architecture needs refurbishing

As Mr Borio at the Bank for International Settlements points out, many of the ideas around countercyclicality (setting aside more capital in good times) and macroprudential regulation (safeguarding the stability of the whole banking system as well as of individual banks) were oven-ready, having been worked on by a coterie of central bankers, academics and regulators for a number of years.

ECONOMIST: Banks will still make money, just less of it