Since the global financial crisis, mankind has learnt to live with a third certainty along with death and taxes — monetary loosening.
Central banks have slashed interest rates to record lows and embarked upon unprecedented programmes of asset purchases in an attempt to lift inflation and restart economic growth.
The common path on which monetary policy makers have strolled, however, is expected to diverge this year. The timing of the partition and the way in which its side-effects are managed hold big implications for financial stability and the global recovery.
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