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Fed's Fisher: recovery disappoints

The US and global economic recovery has been "disappointing" so far and may signal a permanent downshift in global economic potential, US Federal Reserve Vice Chair Stanley Fischer said on Monday. According to Fischer, a slowing of US productivity, declining labor force participation and other factors may have hurt the United States' ability to generate economic growth.

The same thing may be happening in Europe and in major emerging economies like China, he said, forcing central bankers to review their understanding of inflation, employment and growth in general.

Stanley Fischer speaking during a Senate Banking Committee nomination hearing in Washington, March 13, 2014.

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