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April 15, 2014

Tensions over money flows bode poorly for global economy

“For a bunch of people who just agreed the global economy is doing better, top officials from the world’s rich and poor nations sound rather worried.

“For poor nations, the easy monetary policies in advanced economies are leading to big swings in capital flows that could destabilize emerging markets. For rich countries, the hoarding of currency by developing nations is blocking progress toward a more stable global economy.

“Those tensions, which have been brewing for years, seemed to be rising as finance ministers and central bank chiefs from the Group of 20 economies gathered last week in Washington, as evidenced by harsh words from Washington and Delhi.

“Both rich and poor say they are acting in their own self interest, and what makes the conflict so intractable is that both have very rational arguments.”

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Read full Reuters article here.

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