IMF published the
latest World Economic Outlook and the real surprise is the blunt advice to Europe: massive monetary easing and fiscal union are
needed.
Previously on MoreLiver’s:
IMF
World Economic Outlook (WEO): Hopes,
Realities, and Risks – IMF
World Economic Outlook Database – IMF
Transcript of WEO Press Conference – IMF
Video of the press conference – IMF
Fiscal Monitor: Fiscal Adjustment in an
Uncertain World, April 2013 – IMF
Video of the press conference – IMF
MAINSTREAM
IMF trims global growth forecast, sees bumpy
recovery – Reuters
World growth of 3.3
pct in 2013, down two-tenths * Warns against fatigue in battling European debt
crisis * Japan economy to expand with new monetary steps * first Fed rate increase in
2016 * Emerging economies picking up steam again
IMF trimmed its global
growth forecast and urged European policy makers to use “aggressive” monetary
policy as a second year of contraction leaves the euro area’s recovery lagging
behind the rest of the world.
BLOGS, THINK TANKS
New IMF growth forecasts: EU revised downward,
once again – Bruegel
Once again,
euro-area’s outlook has been revised downward, but this is not the case for the
USA and Japan:
How the IMF became the friend who wants us to
work less and drink more – Wonkblog
/ WP
Something strange has
changed in the world economy, which is evident in the Fund’s latest edition of
the World Economic Outlook. The IMF is now among the strongest voices against
excessive fiscal austerity and tight money.
The Fiscal Milestone: Achievements, Fatigue,
and Prospects – iMFdirect
This year we see the
process of gradual fiscal adjustment reaching two symbolic milestones. First,
the average deficit of advanced economies as a share of GDP will fall to half
of its 2009 level at the peak of the crisis. Second, the average debt ratio
will stop rising, after increasing steadily since 2007. Indeed, it will
actually decline slightly.
The World’s Three-Speed Economic Recovery – iMFdirect
Emerging market and
developing economies are still going strong, but in advanced economies, there
appears to be a growing bifurcation between the United States on the one hand,
and the Euro area on the other (also a podcast).
The Most Disturbing Chart From Today's IMF
Outlook Revision – ZH
UPDATES
The changing nature of inflation – alphaville
/ FT
Some very interesting observations about the changing
nature and growing stability of inflation.
Exiting unconventional policy will be
unconventional – alphaville
/ FT
A section dealing with
the risks to central banks from exiting unconventional monetary policy:
How to Sustain Recent Financial Gains: Fix Old
Risks and Meet New Challenges –
iMFdirect