{"id":809,"date":"2014-04-20T13:02:15","date_gmt":"2014-04-20T13:02:15","guid":{"rendered":"http:\/\/www.thebizsense.com\/views\/?p=809"},"modified":"2014-04-20T13:08:30","modified_gmt":"2014-04-20T13:08:30","slug":"monetary-easing-policy-options","status":"publish","type":"post","link":"https:\/\/www.thebizsense.com\/views\/featured\/monetary-easing-policy-options","title":{"rendered":"Monetary-easing policy options"},"content":{"rendered":"<p><a href=\"http:\/\/www.thebizsense.com\/views\/files\/2014\/04\/European-Central-Bank.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-811 size-full\" src=\"http:\/\/www.thebizsense.com\/views\/files\/2014\/04\/European-Central-Bank.jpg\" alt=\"European Central Bank\" width=\"600\" height=\"400\" srcset=\"https:\/\/www.thebizsense.com\/views\/files\/2014\/04\/European-Central-Bank.jpg 600w, https:\/\/www.thebizsense.com\/views\/files\/2014\/04\/European-Central-Bank-300x200.jpg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>This slowly-developing environment of greater tolerance towards easy-money policies makes it less likely that the European Central Bank will be prevented from implementing more unconventional measures, if they become necessary.<!--more--><\/p>\n<p>The bank has publicly mooted a menu of options including negative interest rates, long-term loans to banks and even large-scale asset purchases.<\/p>\n<blockquote><p>See the previous article which preceeded this article &#8211; <a title=\"Strong Euro, Weak Dollar\" href=\"http:\/\/www.thebizsense.com\/views\/strong-euro-weak-dollar\" target=\"_blank\">Strong Euro, Weak Dollar<\/a><\/p><\/blockquote>\n<p>Will a shift towards some form of aggressive monetary policy stop the euro rising and send it into decline?<\/p>\n<p>Possibly. But there is no certainty. The euro\u2019s exchange rates will be determined not only by decisions taken in Frankfurt, but also by those taken elsewhere:<\/p>\n<ul>\n<li>The US Federal Reserve is \u201ctapering\u201d \u2013 implementing some very timid trimming of its aggressive easy-money policies \u2013 which so far has been too equivocal to have any dollar-strengthening effect. In trade-weighted terms, the greenback has been fluctuating within a comparatively narrow range for more than two years, although it\u2019s currently at the bottom of that range.<\/li>\n<\/ul>\n<p>A major change in Fed policies that would impact on the dollar\u2019s global popularity seems very unlikely.<\/p>\n<ul>\n<li>Japan has been implementing the most aggressive money \u201cprinting\u201d policy of any major nation. That could get a further boost if it becomes apparent that \u201cAbenomics\u201d is failing (as I have always feared it would). That would further weaken the yen, to the disadvantage of the euro.<\/li>\n<\/ul>\n<ul>\n<li>Although China\u2019s financial situation is very different from America\u2019s, its current posture is similar \u2013 there\u2019s cautious trimming-back of policies that have been highly stimulatory. Although its tightly-controlled forex market is being manipulated to create uncertainty and burn speculators, weakening the yuan, a reversal in the long-term trend of strengthening in the Chinese currency is unlikely. That will be helpful to the euro.<\/li>\n<\/ul>\n<ul>\n<li>Britain pursued particularly aggressive \u201cprinting\u201d in response to the global financial crisis, driving down the pound. But for five years its trade-weighted value has fluctuated within a comparately narrow range. It\u2019s currently at the top of that range, largely due to pre-election stimulation of the housing sector. But sterling looks dangerously expensive. Any trend reversal would hurt the euro, especially as Europe is the UK\u2019s most important trading partner.<\/li>\n<\/ul>\n<p>next article: <em>Conservative policies aren\u2019t just good intentions<\/em><\/p>\n<p><em>CopyRight \u2013 OnTarget 2014 by Martin Spring<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This slowly-developing environment of greater tolerance towards easy-money policies makes it less likely that the European Central Bank will be prevented from implementing more unconventional measures, if they become necessary.<\/p>\n","protected":false},"author":1,"featured_media":811,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"amazonpipp_noncename":"","amazon-product-isactive":"","amazon-product-single-asin":"","amazon-product-content-location":"","amazon-product-content-hook-override":"2","amazon-product-excerpt-hook-override":"3","amazon-product-singular-only":"","amazon-product-amazon-desc":"","amazon-product-show-gallery":"","amazon-product-show-features":"","amazon-product-newwindow":"2","amazon-product-show-list-price":"","amazon-product-show-used-price":"","amazon-product-show-saved-amt":"","amazon-product-timestamp":"","amazon-product-new-title":"","amazon-product-use-cartURL":"","amazon_featured_post_meta_key":"","_amazon_featured_alt":"","amazon-product-template":"","footnotes":""},"categories":[103,8,15,9,170],"tags":[23,269,43,271,272],"class_list":["post-809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-europe","category-featured","category-finance","category-news","category-opinion","tag-currency","tag-euro","tag-european-central-bank","tag-monetary-easing","tag-policy-options","has_thumb"],"yoast_head":"<title>Monetary-easing policy options - 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