Anyone hoping for a concerted effort to boost global growth will have been disappointed by the familiar combination of bland public conclusions and behind the scenes sniping at the G20 gathering in Shanghai. Policymakers committed to use all tools — monetary, fiscal and structural — to strengthen the recovery. But in reality, many are deferring difficult reforms and hoping that others will shoulder the burden of fiscal expansion. As for monetary policy, there is a clear concern that the latest weapon in central banks’ armoury — the adoption of negative interest rates — may amount to little more than a new way to wage an old-fashioned, beggar-thy-neighbour currency war.
每一个希望各国协同努力提振manbetx app苹果 增长的人，都会对20国集团(G20)上海会议呈现出的令人熟悉的组合——即乏味的公开结论加暗地里的相互诋毁——感到失望。政策制定者们承诺使用货币、财政和结构性政策等一切工具来强化复苏。但在现实中，许多国家却拖延实施艰难的改革，寄望于由其他国家来肩负起财政扩张的重担。至于货币政策，会议上存在一种明确的担忧：央行武器库里的最新武器——负利率政策——或许不过是换了一种新的方式来发起老一套的“以邻为壑”的货币战争。