The Morning Brief - Lignet
Japan: Aggressive Monetary Policy Likely from New Central Bank
Governor
With the confirmation of a new head of Japan’s central bank, Japan is
about to engage in its deepest monetary policy overhaul since the early
1990s, aimed at fighting deflation and creating a sustainable economic
recovery. This analysis looks at the selection of the new Bank of Japan
chief with input from an exclusive interview with LIGNET Special
Economic Advisor Dr. Peter Warburton.
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Mexico: Government Signals Willingness to Open Energy Sector
Mexican President Enrique Pena Nieto and his ruling Institutional
Revolutionary Party are moving to end the state monopoly on the energy
sector, but may face opposition from both the Mexican public and
Congress. Despite declining production and income from the country’s
antiquated and ailing energy sector, many Mexicans consider
state-ownership of the oil industry a nationalistic issue protected by
Mexico’s constitution.
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Europe Frets Over Hungary’s Autocratic Trajectory
Hungarian Prime Minister Victor Orban’s ploy to consolidate the power of
his conservative Fidesz party by implementing amendments to the
country’s year-old constitution to curtail democratic freedoms has
sparked protests at home and abroad, especially from the EU. While there
appears to be little that can be done to force the Hungarian government
to reverse the amendments, there is a possibility that economic problems
in Hungary could give the EU leverage to pressure for change.
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US Credit Expansion Likely to Continue in 2013
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) agreed
to maintain its bond-buying policy to bolster the U.S. economy at its
December and January meetings, making it likely that cheap U.S. credit
will continue through 2013. Although there were some dissenting views on
the extension of this policy at the February meeting, the Fed’s authors
of the stimulus efforts remain in control and plan to maintain them
until there is a substantial improvement in U.S. job growth.
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