The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Financial markets and borrowers rooting for the Reserve Bank of India to ease policy this year could be in for a disappointment - in stark contrast to 2015 when it lopped 125 basis points off the repo rate.
Not long ago, the big debate was over who would raise rates first, the U.S. Federal Reserve or the Bank of England. Now with the Fed giving clear signals it's on the brink of hiking and the BoE appearing to be pushing that day further off into the future, one could naturally conclude that the inflation outlook in both economies is vastly different.
For the European Central Bank, digging deeper into quantitative easing may be the only policy option left, now that growth in bank lending to businesses is stalling again.