Joachim Fels News
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Global central bankers are poised to ease monetary policy even further after a wave of interest-rate cuts from India to Poland.
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French Finance Minister Pierre Moscovici declared the era of austerity over after his German counterpart offered flexibility on deficit cutting amid renewed bickering between Europe’s two biggest economies.
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Europe may accelerate a shift away from its austerity-first agenda this week as the new Italian government changes course and a German-Spanish investment pact underscores a renewed focus on combating record unemployment.
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Central banks are setting new expectations for monetary policy that may be hard to reverse as they slide deeper into the realms of fiscal policy.
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The world’s central banks will continue to keep interest rates low as loose policy in Japan risks to drive up their currencies, Morgan Stanley Chief International Economist Joachim Fels predicted.
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German stocks advanced the most in more than a week as reports showed euro-area manufacturing contracted less that estimated last month and U.S. factory orders increased in February.
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Europe’s crisis-torn nations are paving an escape route to recovery.
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Policy makers mustn’t underestimate the consequences of a possible Greek euro exit, which could spark a run on lenders and overwhelm the European Central Bank, said Joachim Fels, Morgan Stanley’s head of global economics.
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European policy makers signaled flexibility on the application of an unprecedented bank tax in Cyprus, seeking to overcome outrage that threatens to derail the nation’s bailout. European shares and the euro fell.
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Portugal will need a bailout and investors will then focus on Spain as there’s “little to stop the contagion” from Europe’s sovereign-debt crisis, said Joachim Fels , co-chief global economist at Morgan Stanley.
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