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Over the past six years the “hawks” among UK and US central bankers have been proven wrong. They have continued to argue that a spike in inflation was just around the corner because monetary policy was “high accommodative”. Obviously Market Monetarists have continued to argue that monetary policy has not been easy, but rather to tight in the US and the UK – at least until 2012-13.
Everybody has been following events in the Russian markets this week, but fewer have kept an eye on Russia's smaller neighbour Belarus, but the small country is seeing some serious contagion from Russia.
Former Soviet central bank governor Victor Gerashchenko about present-day CBR governor Elvira Nabiullina:
It has been a busy year for me - it has especially been the Russian-Ukrainian crisis, which has kept me busy. However, I thought that this week would be fairly calm - I didn't have any traveling planned, not a lot a meetings scheduled and I had not expected to be too busy.
H. L. Mencken: “For every problem, there’s a simple solution. And it’s wrong.”
This is Sara Sjolin at MarketWatch.com:
This is from the Financial Times' FT View:
I started writing this post on Monday, but I have had an insanely busy week - mostly because of the continued sharp drop in oil prices and the impact of that on particularly the Russian rouble. But now I will try to finalize the post - it is after on a directly related topic to what I have focused on all week - in fact for most of 2014.