Sunday, July 03, 2005

 

The global economy and national politics

There is some agreement in the press that this week's G8 economic summit won't be allowed to tackle serious problems in the global economy.

"It is, however, the global picture that is more worrying even though it is likely to get scant attention in those G8 communiqu├ęs. Central banks are increasingly concerned at the worrisome medium-term trends in fiscal policy in the majority of industrial countries." Scotland on Sunday

The worrisome trends include the slowing of the global economy because of continuing increases in the price of oil. National politics might be tempted to print even more money as a result.
But what are the chances of the Bank for International Settlements, that alliance of central banks, being allowed real independence? About the same as financial audit?
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