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Trigger-happy; European Monetary Policy
Oleh:
[s.n]
Jenis:
Article from Bulletin/Magazine
Dalam koleksi:
The Economist (http://search.proquest.com/) vol. 399 no. 8727 (Apr. 2011)
,
page 65.
Topik:
Central Banks
;
Monetary Policy
;
Interest Rates
Ketersediaan
Perpustakaan Pusat (Semanggi)
Nomor Panggil:
EE29.65
Non-tandon:
1 (dapat dipinjam: 0)
Tandon:
tidak ada
Lihat Detail Induk
Isi artikel
It will be surprising if the European Central Bank (ECB) does not raise its policy rate at its next meeting on April 7th. After the ECB's governing council met in early March, Jean-Claude Trichet, the bank's president, could scarcely have semaphored an imminent rate rise more clearly. Despite the tsunami in Japan and the conflict in Libya there has been no hint of second thoughts among the 23 members of the council. A rise, expected to push the rate up from an historic low of 1% to 1.25%, would put the ECB well ahead of the Federal Reserve and probably beat the Bank of England (whose rate-setters meet on the same day) to the draw as well. The increase may be small but it would mark the turn in the interest-rate cycle. And the case for early tightening looks flimsy. Mr Trichet argues that monetary tightening is needed to ward off "second-round" effects of rising commodity prices, whereby wages and prices respond to an initial upward jolt by spiralling higher.
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