CAMBRIDGE – It is with regret that we announce the death of inflation targeting. The monetary-policy regime, known as IT to friends, evidently passed away in September 2008. The lack of an official announcement until now attests to the esteem in which it was held, its usefulness as an ornament of credibility for central banks, and fears that there might be no good candidates to succeed it as the preferred anchor for monetary policy.
Economia e Finanza
BEIJING – At the opening of the annual session of China’s parliament, the National People’s Congress (NPC), Premier Wen Jiabao announced that the government’s target for annual economic growth in 2012 was 7.5%. With the global economy still struggling to recover, Wen’s announcement of such a significant dip in China’s growth rate naturally sparked widespread concern around the world.
Last week, Egypt's interim government renewed negotiations with the IMF to secure a $3.2 billion loan to alleviate its liquidity crisis. The loan will come with conditions, and will only partially address the projected $11 billion in financing that Egypt will need over the next two years. Subsidies will be front and center in negotiations.
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