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  • The OMFIF Bulletin: New Asia balance - 10 Apr 2015

    Tussles over the Asia infrastructure bank underline shifts in global institutional leverage as Asian monetary precepts gain greater prominence.

  • China aiming for SDR inclusion - 8 Apr 2015

    The People's Bank of China is targeting a strong renminbi, increasing the likelihood of inclusion in the IMF’s Special Drawing Right.

  • Fed should hike rates early says St Louis’ Bullard - 26 Mar 2015

    James Bullard, St Louis Federal Reserve Bank president, urged an early US rate rise to damp financial risks at an OMFIF meeting in Frankfurt.

The OMFIF Bulletin: New Asia balance

The world economy is nearing a series of turning points, but their timing is uncertain. No one is sure when the US and UK will raise interest rates, when the Chinese economy will run out of steam or when Europe and Japan will end quantitative easing. One fact appears assured: Asia's weight in the global economy will be higher in 10 years than it is now.

  • Click here for more information about The Bulletin
  • Search for a new currency standard

    Since December Beijing seems to have been steering the renminbi so that its inclusion in the Special Drawing Right would have enhanced the value of the IMF's composite currency, as shown in the above chart. This could set a new world currency standard, enshrining China's monetary importance.

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  • Fed should hike rates early says St Louis’ Bullard

    St Louis Federal Reserve Bank President James Bullard said the US needed higher interest rates to head off dangerous asset bubbles. The strong dollar was much less of a risk to US expansion than generally thought, whereas US unemployment was falling much more rapidly than earlier predicted, he told an OMFIF audience in Frankfurt.

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    Commentary

    • Without growth, Europe risks disintegration

      by Stefan Bielmeier | Fri 24 Apr 2015

      The European Central Bank has ensured that the euro area's fundamental divergences have so far not spilled over to the financial markets. But the ECB alone will not be able to support the system indefinitely. The sole sustainable way forward lies in more economic growth and stronger political integration.

      MARKET: Europe

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    • Greek drama is deteriorating

      by Marcello Minenna and Edoardo Reviglio | Thu 23 Apr 2015

      The tussle between Athens and the Eurogroup of finance ministers is at a crucial stage. The lenders expect Greece’s surrender to their requests for reforms, but this would imply radical change to Tsipras’ electoral platform. The alternative may be escalation of financial turmoil and serious risk of Greek euro exit.

      MARKET: Europe

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    • Latin America's rising stars

      by David Smith | Tue 21 Apr 2015

      IMF and World Bank reports have taken a gloomy view of Latin America. Yet conversations with lead players at the spring meetings revealed a back-story offering hope of change, reform and policy that embraces the challenge of turning this current slowdown into a tailwind for doing business differently.

      MARKET: Latin America

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    • Plenty brewing behind the scenes at IMF meetings

      by David Marsh | Mon 20 Apr 2015

      The most dramatic feature of the weekend spring meetings of the World Bank and International Monetary Fund in Washington was the absence of drama. There are plenty of potential disturbances in the world economy but little of this was aired in any meaningful way during three days of meetings in the US capital.

      MARKET: World

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    CHART OF THE WEEK

    Greece's difficult road ahead

    by William Baunton

    If Greece were to fail to make payments to the IMF, it would become the first advanced economy in history to default on an IMF loan

    Greece's forthcoming debt repayments

    The UK's net international investment position

    by William Baunton

    The Bank of England's estimates paint a different picture

    The UK's net international investment position

    In defence of the Swiss National Bank

    by David Marsh and William Baunton

    The Swiss National Bank’s peg of SFr1.20 to the euro shuddered to an abrupt halt last month, causing financial market waves. In fact, the bank’s decision was correct, if not overdue.

    In defence of the Swiss National Bank

    Net foreign assets and liabilities 1970-2013

    by William Baunton

    Winners and losers in debtor-creditor stakes

    Net foreign assets and liabilities 1970-2013
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    Advisory Board Poll

    Asian Infrastructure Investment Bank impact

    The Asian Infrastructure Investment Bank, initiated by the Chinese government, looks likely to have more than 50 founder members. OMFIF asked its Advisory Board for their views about the bank’s impact in the next five years.

    Asian Infrastructure Investment Bank
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