警惕各國貨幣政策分化的風險

Since the global financial crisis, mankind has learnt to live with a third certainty along with death and taxes — monetary loosening.

自全球金融危機以來，人類已學會接受除死亡和稅收之外第三件肯定躲不掉的事情——貨幣放鬆。

Central banks have slashed interest rates to record lows and embarked upon unprecedented programmes of asset purchases in an attempt to lift inflation and restart economic growth.

央行已把利率大幅下調至創紀錄的低位，並實施了前所未有的資產購買計劃，以求提振通脹和重啓經濟增長。

The common path on which monetary policy makers have strolled, however, is expected to diverge this year. The timing of the partition and the way in which its side-effects are managed hold big implications for financial stability and the global recovery.

然而，踏上這條共同道路的貨幣政策制定者，預計今年將分道揚鑣。選擇哪個時機分道揚鑣以及採取何種方式應對其副作用，會對金融穩定和全球復甦產生重大影響。

After years of respectable growth and sizeable falls in unemployment, the US Federal Reserve and the Bank of England have ceased to expand their quantitative easing programmes and are eyeing a first rise in interest rates in nearly 10 years.

經歷了數年的可觀增長和失業率顯著下降後，美聯儲(Fed)和英國央行(BoE)都不再擴大量化寬鬆計劃，並着眼於將近10年來的首次加息。