As the global economy continues to recover slowly from the great financial crisis, central banks, led by the US Federal Reserve, have begun the process of normalisation of monetary policy, writes Sony Kapoor.
But if another crisis were to hit this year – say, one caused by a hard Brexit or a trade war – what would the central banks do? They could cut interest rates further, but with rates still near record lows they have much less scope to cut them than they did before the crisis.
Quantitative easing could be expanded, but the US has only
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