The former chief economist of the Bank for International Settlements, Bill White, said in an interview this week that ultra-loose monetary policy and the “experimental use” of negative interest rates was making the global economy more vulnerable. Monetary policy is trying to “stimulate aggregate demand and the honest truth is that it’s not capable of doing that in a sustainable way…If people thought we were in a period of deleveraging that would set the scene for a period of robust growth. We haven’t even started yet…Negative rates on reserves are actually squeezing bank profits, and this is something we don’t want in these circumstances, we want them to build up their capital buffers. This is all experimental.” The BIS serves as the bank that central banks use for their banking services.