Central banks efforts in concert, not concerted, on monetary policy
Recent decisions by central banks in Asia and Europe were less about acting in a concerted effort and more about acting in concert, says the Economist.
“Today’s decisions by three central banks in Asia and Europe were not a concerted effort, but they all eased monetary policy, albeit in different ways,” the paper notes, adding that the moves “to loosen monetary policy reflected growing apprehension about a global economic slowdown.”
What may be needed, however, is individual states working more closely.
“In reality, however, they have barely started on the journey he has called for. A concert of central banks can help, but what is needed is a concert of European states,” concludes the Economist.