Summary
Global central bankers are again in the driving seat when it comes to propping up the world economy, but many are demanding governments join them in the rescue effort. Amid slowing global growth, the Federal Reserve, European Central Bank and perhaps even the Bank of Japan are all set to ease monetary policy in coming months.
President Emmanuel Macron's 17 billion euros ($19.2 billion) of support for consumers in response to the "yellow vests" protests may have been contrary to his deficit-reduction mantra, but is proving fortuitous amid a global slowdown.
Fed Chairman Jerome Powell last week all but confirmed he would cut interest rates this month, while ECB President Mario Draghi is leaning in the same direction.
The Fed, for example, has a benchmark rate half the level it had before past downturns.
One euro-area solution, according to the OECD, would be to coordinate fiscal stimulus in some countries with structural reforms in others, in tandem with loose monetary policy.
It could be in time that central banks and governments do end up uniting if more left-wing parties win election.
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