Central banks diverge

For the past seven years, the central banks of the world’s big economies have been moving in the same direction, slashing interest rates and printing money in an attempt to soften the impact of the credit crunch and revive growth.

But now, monetary policy in the world’s two biggest economies looks set to diverge. In the recovering US, as Federal Reserve chair Janet Yellen noted last week, the question is, when will interest rates rise?

But in the weakening eurozone, rates look set to stay at near-zero for several more years. The question there is when European Central Bank (ECB) [...]

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