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Oct 2015: Yellen's wavering

October

The October 2015 OMFIF Bulletin focuses on the interplay of forces between world governance and the still fragile progress of the world economy. The Fed’s hesitation over interest rate ‘lift-off’ may have been justified on monetary grounds; from a psychological point of view, postponing a rate increase may have been a flawed decision, since the Fed’s fears (now on full view) can be much more readily transmitted to others.

Darrell Delamaide emphasises that Janet Yellen’s wavering on 17 September does not bind the Fed’s hands for the rest of the year, while Meghnad Desai writes that the US central bank’s nervousness may heighten the danger of another 2008-style crash.

Rakesh Mohan, executive director for India, Sri Lanka, Bangladesh and Bhutan at the International Monetary Fund, takes an historical look at the imbalances over individual economies’ size and IMF representation, and sets out the reasons why the US and leading emerging market economies should increase their weight in the Fund, while Europe needs to relinquish shares.

David Owen and David Marsh examine restructuring the EU into a euro bloc and a wider grouping enshrining the principles of the single market, and how that might benefit not just the UK but the rest of the EU.

Other highlights of the October 2015 edition:

  • Kingsley Chiedu Moghalu comments on the slow progress of the formation of the Nigerian cabinet by President Muhammadu Buhari.
  • David Smith says Pope Francis’ visit to the US demonstrates his wish to make a deep imprint on the global economic stage.
  • David Marsh lists the protagonists in further skirmishes in Europe over the Greek bail-out, now that Alexis Tsipras has been reconfirmed as prime minister.
  • Mojmir Hampl takes a sympathetic view on Britain’s EU membership, saying that the forthcoming referendum will have great repercussions.
  • William Keegan explains how OMFIF Chairman John Plender’s latest book shows that capitalism contains the seeds of recurrent crises.