Part II: Search for Ways Out
Recognising the public demand for reform, governments began a search for alternative policy models and structures soon after the outbreak of the global financial crisis (GFC). This can be viewed at national, regional and international levels. 5. Improving National Policies: At the national level this has taken the form of supplementing inflation targeting with various…
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Governments’ failure to manage the global financial crisis is having profound political and geo-political consequences – all of them adverse. Fuelled by political desperation to boost demand, national monetary policies are becoming steadily more aggressive – not so much “beggar my neighbour” as “sauve qui peut”. Financial repression is ongoing. As we all know, once…
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Countries in mutual suicide pact
RP’s Diary
The appalling UK GDP figures, which mark the longest period of contraction for 100 years, plus the weakening of US and Euro area economies, provides yet further evidence that current policies everywhere are failing. Yet the debate on what to do is getting nowhere. The sterile argument between Keynesian expansionists and advocates of austerity continues. That…
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What the G20 should do at Los Cabos
RP’s Diary
“The global recovery has stalled again as confidence in policy makers’ ability to provide conditions for growth has slipped away” writes Chris Giles of the Financial Times, in his report from Los Cabos on the opening day of the G20 meeting there. According to the latest FT/Brookings Institution Tiger Index, world economic growth is stalling…
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