Kristalina Georgieva invokes John Maynard Keynes as she says fostering fairer economy would raise living standards ninefold
Graham Watson's insight:
It may seem odd but the head of the IMF, Kristina Georgieva has invoked John Maynard Keynes in calling for inclusive, sustainable economic growth. In a speech at King's College, Cambridge, she's asserted that there's no reason to believe that there's a trade-off between economic growth and equality, and that, in fact, the next century might be characterised by the two being mutually-reinforcing.
Central bank raised rates by 0.25 percentage points in attempt to bring inflation down
Graham Watson's insight:
The European Central Bank has nudged interest ratees higher by 0.25% to 3.25% - a record high for the institution - although there are concerns that this might trigger a recession in the Eurozone.
It's part of the trade-off between needing to tackle inflation and the effects on growth, and has been mirrored across the developed world with the Federal Reserve having also raised rates by the same amount.
Editorial: Britain is pushing for patent changes that could increase the cost of Indian generic drugs, diverting more of the NHS budget to big pharma
Graham Watson's insight:
This is an interesting coda to the ongoing UK-India trade talks that looks at the distributional implications of the deal, with it seeming to be the case that the UK government is looking to enforce intellectual property rights in such a way that generic drugs become more expensive.
If so, it's a trade-off: public health, and largely public spending given the number of exemptions that mean that relatively few people pay for their subscriptions, and the profits of pharmaceutical companies. And given the size of the health budget, you would have thought that such a position isn't in the economy's best interests wouldn't you, not least because big pharma will, I'm sure, be very keen to minimise its tax liabilities.
The US central bank announces its smallest rate rise in nearly a year.
Graham Watson's insight:
The Federal Reserve has announced a 0.25% rise in interest rates, so that rates now range between 4.5 and 4.75% - its smallest rise in a year - as inflationary pressures in the US appear to be cooling. However, the Chair, Jerome Powell, has intimated that this won't mark the end of rate rises, although perhaps it might signal that the pace at which they rise is set to slow in the months ahead.
As everywhere, it's a case of balancing tackling inflation with sustaining growth, and the implications of US interest rate rises are more significant than most because of their ramifications for LEDC debt repayments among other things.
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It may seem odd but the head of the IMF, Kristina Georgieva has invoked John Maynard Keynes in calling for inclusive, sustainable economic growth. In a speech at King's College, Cambridge, she's asserted that there's no reason to believe that there's a trade-off between economic growth and equality, and that, in fact, the next century might be characterised by the two being mutually-reinforcing.