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Banking union: Deflecting the euro area’s cosmic rock

Credit conditions in the euro area’s periphery continue to deteriorate. Despite the recent marked improvement in banks’ funding positions, highlighted by the large-scale LTRO repayments in January, loans to non-financial companies in the periphery contracted...

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UK inflation: Why wages matter

For a government that took office vowing to deliver credibility to the UK’s economic policy framework, 2013 could not be going much worse. The loss of the UK’s AAA status, the preservation of which George Osborne had placed at the heart of his economic plans...

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The Bank of Japan: Counting on Kuroda

Earlier today saw the final Bank of Japan Policy Board meeting chaired by Governor Shirakawa. As expected, no changes were made to policy, a suitably inconsequential end to a term that saw GDP growth and inflation both average less than zero....

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BoE: Only a matter of time

Just two weeks ago the outlook for BoE policy, in the near term at least, looked pretty boring. Having completed its latest slug of Gilt purchases in October last year, and having subsequently opted...

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ECB: Tailoring rates getting increasingly challenging

Now that the threat of a near-term breakup of the euro area has disappeared, thanks largely to the ECB’s OMT programme, thoughts have turned to the outlook for the ECB’s monetary policy...

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