When the Chips Are Down; Central Banks (1)  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 403 no. 8790 (Jun. 2012), page 69-70.
Topik: Central Bank; Policymakers; Banking Industry; Interest Rates; Liquidity; Financial Crisis

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.72 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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The European Central Bank has unlimited firepower and limited inclination to use it. The first of two articles on central banks explains the ECB's thinking In 2008 and 2009, policymakers impressed markets with decisive action. Central banks moved swiftly to slash interest rates and extend liquidity, beefing up balance-sheets in the process (see chart). Governments launched big stimulus programmes. The G20 meetings were a signal of a concerted determination to act. Things are different now. At this week's G20 summit in Mexico, more fingers were pointed than backs slapped. Many governments are intent on tightening policy, not loosening it. Central banks retain the capacity to act: the Bank of England announced new liquidity programmes on June 14th, and on June 20th the Federal Reserve decided to extend a programme to hold more longer-term bonds (see later story). But, maddeningly, the institution that needs to do most--the European Central Bank--is hanging back even as the pressure on countries like Spain, whose sovereign-bond yields rose to euro-era highs this week, intensifies.

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