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The diverse tapestry of economies in Europe looks set to complicate the job of the European central bank as it steers interest rates later this year.
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Central banks, it argues, should steer interest rates by reference to an announced inflation target.This is closer to a pure rule than to pure discretion though not enough to satisfy a strict monetarist.
Interest rates are also low, especially in Japan, where government bond yields fell this week to a world record low of less than 1.8%.Liquid refreshmentsIt is true that the growth of money in an individual economy has long ceased to be a reliable compass by which to steer interest rates, but many economists believe that global money-supply growth is still a useful indicator.
The Bank of England used to assume that in the short-run productivity was closely linked to demand, which the bank steers using interest rates.
So this is a clear steer that interest rates will stay on hold until the end of 2016 or even 2017".
WHILE most of the bond-buying world was waiting this week for America's Federal Reserve to give a steer on interest rates, in a usually snoozy corner of the market business was buzzing.
Recently, the declining participation rates and increasing survey costs have steered research interests towards resource planning.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com