Quotes from the news wire:
Myopic pursuit of zero-sum policies can only end by hurting all countries, as history shows, because national policies inevitably interact in a number of vital areas, creating strong spillovers across countries, the world economy works far better for all when policymakers engage in regular dialogue and work within agreed mechanisms to resolve disagreement.
Beyond the continued growth in importance of the Chinese economy, the size of financial market spillovers is also likely to grow because of the transition to a more market-based financial system and a decline in market segmentation, moreover, the challenge of engineering a smooth transition will make global financial markets more sensitive to changes in China's economic and financial conditions and policies.
The FCL arrangement reinforces Poland's buffers against external risks. The lower access is appropriate in light of somewhat lower risks and the improvement in Poland's fundamentals, the authorities intend to continue to treat the arrangement as precautionary and to gradually exit from the FCL once external risks recede.
Keeping to these plans, however, is subject to significant risks related to (i) the ability to fully finance the ambitious 2016 personal income tax reform and (ii) uncertainties about the costs associated with the refugee crisis, while recent revenue buoyancy will help, it is likely that additional measures will be needed to reach the targeted deficit.