Donât Blame Central Banks for Inequality, BIS Chief Says This content was published on May 6, 2021 - 16:30 May 6, 2021 - 16:30 (Bloomberg) -- Economic inequality isnât caused by central banks, and government officials must play their part in tackling the fundamental reasons for the gap in income and wealth, according to the Bank for International Settlements. âInequality is not a monetary phenomenon over the long run,â BIS General Manager Agustin Carstens said in a speech at Princeton University on Thursday. âCentral banks are fully aware of the consequences of their actions on income and wealth distribution over shorter horizons,â but âthey do not have the necessary tools to achieve targeted distributional outcomes on top of their mandated objectives.â