The Bank for International Settlements has called on major economies in America, Asia and Europe to cooperate on financial policy in order to stabilise imbalances threatening the world economy. In its annual report, the BIS - known as the central bank of central bankers - praised global economic performance in the year to March 2005 but warned that there were hints of inflationary pressures building up similar to those in the late 1960s and 1970s. While it stopped short of recommending binding financial rules at international level - including the possibility of a single international currency or a return to...