Talk about “exit strategies” will be high on the agenda when the heads of the G-20 countries gather in Pittsburgh a few days from now. They will promise to reverse the explosive monetary and fiscal expansion of the past two years, to do it neither too soon nor too late, and to do it in a coordinated way.
The Obama administration’s financial White Paper and Mervyn King’s Mansion House speech provide some insight on the possible lineaments of a new financial system in the two major Anglo-Saxon economies. Their common feature is that central banks are likely to be given the power to monitor and ensure the stability of their financial systems, in addition to their traditional role of maintaining monetary stability.
Bank of England Governor Mervyn King will take the unprecedented step of printing money to buy assets after reducing the benchmark interest rate by a half point to almost zero.
Money-market rates jumped to records and the Bank of England (BOE) relaxed borrowing rules for financial institutions as : “extraordinary” strains deepened the credit freeze.
Bank of England Governor Mervyn King and European Central Bank President Jean-Claude Trichet may on Thursday signal that growth is increasingly replacing inflation as their biggest concern.
The Bank of England (BoE) kept its benchmark interest rate unchanged at a six-year high, with policymakers resisting calls for a cut on concern that rising oil and food prices will fan inflation.
The Bank of England unexpectedly raised its benchmark interest rate by a quarter-point, the third increase since August, as policy makers said inflation may rise further and spur demands for higher
Had there been an award for a bowler taking five wickets in an innings the second one after a gap of 38 years Bank of England Governor Mervyn King would have got it.
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