Interest rates and growth warning from Bank for International Settlements

BIS says governments needed to rely less on monetary policy and more on structural reform to secure sustainable growth

The international body that represents the world's central banks has issued a stark warning that an unprecedented period of ultra-low interest rates mask deep weaknesses in the global economy and threaten to be the trigger for the next financial crisis.

In its annual report, the Basle-based Bank for International Settlements says that what used to be considered "unthinkable" risks becoming the "new normal", with clear risks for future stability.