Bank of England Governor Andrew Bailey warned that governments may be left helpless in the event of another downturn as their firepower is sapped by weak growth and a series of severe shocks. "Fiscal policy can operate as a countercyclical tool of policy," Bailey said at an event in Turkey. "But if the negative shocks come at higher frequency, and underlying growth in the economy is lower, countercyclical policy becomes very difficult to follow successfully." (Source: TCMB Istanbul Economic Foru
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