IIF urges monetary loosening

Major central banks should ease monetary policy in coordination to give a powerful boost to market confidence and help restore stuttering global growth, a leading group of international bankers said yesterday. The Institute of International Finance called on the G20 to deliver this medicine as part of a plan to revitalise economic growth and job creation. Charles Dallara, IIF managing director, said four or five central banks from industrialised and developing nations easing simultaneously, based on their own economic conditions, would have substantial benefits.