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Change at the banks? Look out for a shift in economic policy

With the ECB and the Bank of England both considering withdrawing monetary stimulus, it seems that change is coming

By George Magnus  

Bank of England Governor Mark Carney. Photo: PA

Last week, we got the distinct impression that change is in the air. A number of central banks, including the Bank of England, suggested that years of ultra-easy money may soon be over. In the UK, political and economic evidence of the fragile economy contrived to leave the impression that a shift in economic policy is coming.

Until now, the US Federal Reserve has been the only major central bank to put some blue water between the post-crisis monetary policies, including quantitative…

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