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Central bank heads attempt to save global growth through new policies : US

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Sunanda K. Chavan
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Central bank heads attempt to save global growth through new policies : US - August 12th, 2011

Central bank heads are scrambling for new policies to save the global growth put in danger by the S&P downgrade, which resulted in collapse of share prices in different parts of the world.

The swiftness of decision-making was seen 72 hours after the Group of Seven conference call on Sunday.

Middle of this week, the U.S. Federal Reserve promised to keep the country’s near zero key lending rate for at least two years. The Bank of England hinted it may have another round of quantitative easing and the European Central Bank intervened in bond markets by snapping up Italian and Spanish bonds.

The Bank of Korea retained the country’s interest rates for a second month on Wednesday.

Despite their efforts, a senior economist of Hong Kong and Shanghai Banking Corporation said that while the current markets crisis calls for a strong direction from policymakers, none of them appear to have control of the situation.

Another expert described the situation as a crisis of political leadership, not company earnings, which calls for policymakers to address their sovereign debt crisis.

The chief international economist at Deutsche Bank said while central bank heads have provided clear policies, legislators have destroyed the belief of people in their ability to find a solution to the financial crisis facing nations.

The chief executive officer of the world’s largest manager of bond funds said that aside from central banks, other agencies must also get their acts together.

Experts agree that the biggest challenge is before Washington with the difficult relationship between the White House and Republican Congressional leaders. They said they even if the U.S. Federal Reserve would have a third fiscal stimulus program, it may be too little and too late.
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