日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Editorials

Spillover effects of US inflation must be controlled: China Daily editorial

chinadaily.com.cn | Updated: 2022-02-23 19:42
Share
Share - WeChat
US Federal Reserve in Washington DC. [Photo/Agencies]

It is often said that when America sneezes, the world catches a cold. That saying tends to refer to other countries following its lead, but when it comes to changes in the United States' monetary policy one can understand it in a different sense, since the spillover effects can significantly affect the economic well-being of other countries, especially the emerging economies, by disrupting their stock markets, asset valuations and capital flows.

With the US Federal Reserve suggesting recently that it will hike interest rates "more aggressively" — possibly up to five times this year — to ease the country's skyrocketing inflation, there have been growing concerns that its policy shift will have major impacts on the financial stability of many developing countries, and thus further slow their pace of recovery from the COVID-19 pandemic.

To address such worries, finance leaders from the G20 have called for realizing a "well-calibrated, well-planned, well-communicated" normalization in monetary policy to minimize the impacts of the Fed's raising of interest rates. The consensus was reached last week during the G20 Finance Ministers and Central Bank Governors Meeting in Jakarta, Indonesia.

Yet great difficulties lie ahead as the finance ministers seek to accomplish their policy targets, given the vulnerable financial situation the world now finds itself in. To help prop up the ailing US economy during the pandemic, the Fed has resorted to printing trillions of dollars and injecting them into the banking system, which has driven up US national debt to its record high of more than $30 trillion. The amount of money created from "thin air" has reached such an unprecedented scale that by December 2021, 80 percent of all US dollars in existence were printed in the last 22 months, according to news reports.

Whether the US' "financial fantasy" can be sustained remains a question for economists to answer. But the surge in money supply, given the world's dollar dependence, has already led to rising food and energy prices globally, which has made the lives of poor people even harder. Now, with increasing US interest rates in sight, the developing countries, especially those with weak economic fundamentals, face the risks of much higher debt burdens and capital outflows which, if not addressed properly, could lead to financial crises.

This makes it all the more urgent and necessary for countries to strengthen cooperation in coordinating their macro policies so as to propel common development. The developed countries represented by the G7, together with the EU, still enjoy a dominant position in the global financial system. So it is imperative that they act responsibly to minimize the negative spillover effects from their monetary policies on the developing world.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 久草最新在线 | 成人av免费 | av网址在线 | 久久精品欧美一区二区三区不卡 | 国产视频高清在线 | a一级黄| 青青草无限次破解版污 | 免费观看欧美一级片 | 天天看天天干 | 性一级录像片片视频免费看 | 99久久国产综合精品网成人影院 | 无码日韩精品一区二区免费 | 午夜视频免费国产在线 | 国产精品久久久久久久久久久久 | 午夜激情视频在线 | 成年免费大片黄在线观看岛国 | 国产成人午夜性a一级毛片 久久久久亚洲 | 小优视频污 | 欧美性狂猛bbbbbxxxxx | 综合天天 | 999精品嫩草久久久久久99 | 91精品国产爱久久久久 | 特黄特色大片免费高清视频 | 精品视频第一页 | 婷婷六月在线 | 国产精品视频免费观看 | 91久久综合九色综合欧美亚洲 | 国产精品入口免费麻豆 | 日韩精品一区二区在线观看 | 成熟人妻AV无码专区A片 | 久久精品欧美一区二区三区不卡 | 毛片免费一区二区三区 | 精品久久久久不卡无毒 | 中国精品久久 | 青娱乐欧美 | 欧美黑人激情 | 婷婷精品 | 天天拍天天干 | 欧美日韩亚洲国内综合网俺 | av毛片免费看 | 久久一日本道色综合久久 |