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The Big Picture brings together a range of PS commentaries to give readers a comprehensive understanding of topics in the news – and the deeper issues driving the news. The Big Question features concise contributor analysis and predictions on timely topics.

overnor of Bank of England Mark Carney speaks at the annual lecture at the IMF Headquarers IMF/Getty Images

The End of Easy Money?

For almost a decade, the world’s major central banks have pursued unconventional monetary policies – first to fend off a financial crash, then to kick-start growth.  At long last, central banks seem prepared to unwind these policies, but are they acting too soon, or too late?

Featured in this Big Picture

  1. Stephen S. RoachStephen S. Roach
  2. Nouriel RoubiniNouriel Roubini
  3. Adair TurnerAdair Turner

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US Federal Reserve Chair Janet Yellen Mark Wilson/Getty Images
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The Courage to Normalize Monetary Policy

Stephen S. Roach

A decade after the onset of the global financial crisis, it seems more than appropriate for central bankers to move the levers of policy off their emergency settings. A world in recovery – no matter how anemic it may be – does not require a crisis-like approach to monetary policy.

 praises central banks' recent interest-rate moves, but argues that officials must move faster.

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