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But he said they would be "fully accountable" in future because their chief executives would have to start appearing at a parliamentary committee annually to explain their actions on interest rates and other behaviour.
Malcolm Turnbull last week said the banks ought to pass all RBA rate cuts in full to customers but, after they ignored him, he announced the chiefs of the major banks would be required to appear at a parliamentary committee annually to explain their actions on interest rates and other behaviour.
For many countries, falling consumer goods prices have been triggered by the movement of manufacturing to China and other low-cost locations not just by central bank actions on interest rates.
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"Coordinated action on interest rates should be complemented by action on fiscal policy," Mr. Brown said.
But the bank has, over the years, tried to avoid taking any action on interest rates in the weeks leading up to Election Day -- which falls this year on Nov. 7.
Howard Archer, of consultancy IHS Global Insight, described the latest survey as "very good news" – though he warned that it could force the Bank of England to take earlier action on interest rates than it currently expects.
Even so, there is little expectation of any action on interest rates, which remain historically low.
However, he said the results were too clouded to spur any action on interest rates in the near future.
At the same time, the Fed adopted a "neutral" bias on monetary policy, which means that any future action on interest rates could go either way.
Many expect the Fed to take its first action on interest rates in late 2010, but Bob Froehlich, senior managing director at The Hartford, told Forbes last month he expects the Fed will "remain on the sidelines" at least until after the November elections, given how many congressional seats are up for reelection this year.
He conjectured that in making moral judgments individuals abstract in imagination from their own particular interests and adopt an impartial point of view from which they assess the effects of others' actions on the interests of everyone.
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