Central banks face mounting losses on the trillions of dollars of bonds they bought in the past 15 years of rolling crises, a paper from the Bank for International Settlements (BIS) said, warning that the deficits could leave them open to political attack.
The ECB and a number of national central banks in Europe have issued warnings, though. Britain's government, which has received more than 120 billion pounds in profits from the Bank of England since 2009, has already set aside 11 billion pounds for the central bank.
"If there is macroeconomic mismanagement and the state lacks credibility, losses may erode the central bank's standing, which may jeopardise its independence and could even lead to the currency's collapse," the paper said, referring to the worst-case scenario.
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