Global: Central Banks Ending Era of Clear Promises, Return to ‘Artful’ Policy
Major central banks around the world are moving away from explicit promises, transparency and forward guidance and adopting a more opaque, artful and flexible approach to monetary policymaking. (Source: Reuters)

India: Modi’s First Budget: Here’s What to Watch For
Narendra Modi, the new Prime Minister of India, will face his first major test on 10 July when his government presents its first budget. Modi faces the challenge of balancing a pro-growth agenda with the need for fiscal consolidation. (Source: CNBC)

United Kingdom: Regions to Get £6bn in Government Funding
UK’s Prime Minister David Cameron announced GBP 6 billion of funding for local governments, which are expected to boost the economy. Decisions on where to spend the money will be made by the local authorities. (Source: BBC)

China: China’s Central Bank Adopts Unconventional Measures
China’s Central Bank supports achieving the country’s 2014 7.5% growth target with unconventional measures. According to some market analysts, these measures are more like fiscal policy. For example, the Bank offered CNY 300 billion for low-income housing and started a CNY 100 billion quota for relending which applies to the agricultural sector and small businesses. (Source: Bloomberg)

Germany: German Industrial Output Posts Surprise Slump in May
In May, industrial production decreased 1.8% over the previous month and represented the sharpest contraction in more than two years. Most private sector analysts did not expect the drop and the figure also fanned expectations that the European Central Bank (ECB) may have to loosen monetary policy further in coming months in the face of disinflationary pressures and subdued growth. (Source: Reuters)

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