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Who will save the global economy?

As top central bankers meet at their annual conference at Jackson Hole, Wyo., this week, they will look to political leaders who are convening in Biarritz, France, for the Group of 7 meeting to help keep the world’s prosperity going, Jeanna Smialek of the NYT writes. They might be waiting awhile, though.

The global economy looks gloomy, and that poses a challenge for central banks:

• The Fed recently cut interest rates, but there’s limited room for further reductions, since they didn’t rise much after the 2008 financial crisis. And it’s far from clear what its plan for the future is.

• The European Central Bank is expected to cut interest rates deeper into negative territory, and may even consider asset purchases in a bid to protect economic growth. Yet it is low on ammunition.