Recent Blogs




The Tankan and QQE: Carry on Regardless

Three months on from the consumption tax hike and Japan’s economy looks to be absorbing the shock as well as might reasonably have been hoped. That was the message from today’s Tankan survey.

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Sizing up the ECB’s policy package

Three weeks ago, the ECB announced several new measures to ease financial conditions, boost bank lending, push inflation higher and support the euro area’s feeble recovery. But have they had any meaningful effects so far? 

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Abe’s 3rd Arrow: Flying or Dying?

The first two arrows of Abenomics have already made their mark. And with the latest structural reform strategy approved by Japan’s Cabinet today, is the third arrow also now about to fly?  

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Comfortable Easing Ahead for the ECB

Following Draghi’s surprise announcement at his last press conference that the Governing Council was “comfortable with acting next time”, the main question around this week’s Governing Council meeting is not if there will be action, but what form that action will take...

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The ECB waiting game

Robert Kuenzel; Chris Scicluna

Given the ECB’s aim to keep inflation “close to, but below, 2%” over the medium term, and with Draghi and his colleagues having repeatedly pledged to guard against a prolonged period of excessively low inflation, the steeper-than-expected decline in euro area CPI to a 4½-year low of 0.5%Y/Y in March and the weak April flash CPI estimate arguably demand a policy response. But when it meets tomorrow, the Governing Council looks to have enough excuses to continue to sit tight.

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