Our fate held in bankers’ hands
CAN we trust central bankers to keep the world economy ticking over at an acceptable rate?
It is a question that comes into sharp focus this week as most of the central banking world’s heavy hitters meet to decide what more they can do as the fifth anniversary of the global financial crisis approaches and growth remains frustratingly elusive.
US Fed chairman Ben Bernanke’s Federal Open Market Committee meets tomorrow and Wednesday, a day before ECB president Mario Draghi’s Governing Council and Bank of England governor Mervyn King’s Monetary Policy Committee.
Draghi has already helped to feed the share markets’ addiction to sugar hits by saying the ECB will do whatever it takes to save the euro, boosting that currency and at least temporarily snapping the markets’ downturn.