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Currencies and globalisation's collapse
Business, Paul Donovan, Published on 18/06/2014
» We live in stirring times. Mario Draghi, president of the European Central Bank (ECB), has crossed the monetary policy Rubicon and cut one of the euro zone’s key interest rates into negative territory. This is dramatic stuff, as even the most economically oblivious are likely to recognise that negative interest rates are a radical policy. At the same time, the US Federal Reserve is gracefully gliding out of its quantitative policy position, and by October that money-printing process is likely to be effectively at an end. The question from most investors is therefore “what next for US monetary policy?” The answer is likely to be an increase in US interest rates, and those increases may start earlier and take place faster than many investors currently assume. The Bank of England has been even more explicit in signalling a desire to tighten interest rates sooner than financial investors had expected.
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For whom the yen tolls
Business, Paul Donovan, Published on 15/03/2013
» The issue of "currency wars" has generated a great deal of noise from politicians around the world. This in turn has created a great deal of irritation among economists; it is a distraction from more important, complicated decisions that have to be made.
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