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After a year that involved one of the biggest U-turns in recent monetary-policy history, central banks are now hoping for peace and quiet in 2020.

This dramatic policy turnaround was particularly curious in two ways. 

First, it materialized despite growing discomfort – both within and outside central banks – about the collateral damage and unintended consequences of prolonged reliance on ultra-loose monetary policy. 

Second, the dramatic reversal was not a response to a collapse in global growth, let alone a recession. 

Rather than acting on clear economic signals, the major central banks once again succumbed to pressure from financial markets.

Mohamed A. El-Erian, Project Syndicate 9 January 2020

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