BIS warns rolling back globalisation would be ‘detrimental’

International body claims closer cross-border ties are not to blame for within-country inequality and urges cooperation with governments to manage risks

The international body that represents the world's central banks has claimed that globalisation has been made a "scapegoat" for rising inequality, as it launched a defence of closer cross-border ties.

Against the backdrop of protectionist rhetoric in many countries, including from US president Donald Trump, the Bank for International Settlements used its annual report to argue that globalisation has cut global poverty and will continue to lift living standards around the world.