Brazil’s central bank said its current pace of interest rate increases remains appropriate to rein in consumer prices, repeating language it used to justify previous half-percentage-point increases. Swap rates rose.
Since 1989, Poland has stood out among the former communist countries as the most successful reformer with the highest cumulative economic growth. It sailed through the global crisis and was the only European Union nation that didn’t experience a recession in 2009.
U.K. Chancellor of the Exchequer George Osborne wrote to ministers saying he’ll cut the amount of money their departments can spend in the next three years by 1 billion pounds ($1.6 billion) each year.
Five years after the onset of its worst recession, the European Union’s economic recovery remains painfully slow. Has anything been learned from this dismal performance about how governments can combat severe recessions? The answer is yes -- but sadly, the clearest lessons are the ones governments seem least likely to apply.