Best of BS Opinion: Three views of the future, the outcome of COP28 & more

Here is the best of Business Standard's opinion pieces for today

The major central banks appear to be on different paths with regard to monetary policy. Last week, the US Fed announced a pivot, reversing a series of steep interest rate increases, causing markets to soar. The European Central Bank also kept rates on hold but its forward guidance was cautious. The Bank of England has, on the other hand, said its fight against inflation is not over. The broader global economy, therefore, is faced with three very different views of 2024. The deeper divide may be between investors and market participants convinced that policymakers are underestimating how swiftly inflation might ebb out of the economy – and that they are also underestimating the damage that prolonged high rates would do to growth potential. In other words, the downside risks to growth from central bank errors will now have to be factored into investment decisions, the top edit warns.  Read it here

In other views:

Climate economist Gernot Wagner explains why COP28 may prove to be an important stepping stone in the global clean energy race as any of the previous UN summits. Read it here

The second edit argues that the quality of expenditure by states should sway fiscal transfers by the Centre. Read it here

Former defence secretary Ajay Kumar asserts that contrary to conventional wisdom information and communication technologies have not flattened the global playing field for businesses and individuals. Read it here

QUOTE OF THE DAY

“The Israeli government’s ‘killing rage’ in Gaza poses a threat to the country’s moral and legal authority”

- Former UK Defence Secretary Ben Wallace