By Andy Mukherjee
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Market forecasts for Brazil's economic growth this year have been falling steadily for months, reaching a meager 0.5 percent in Reuters latest quarterly poll published on Thursday. One year ago, a similar survey predicted growth of 2.5 percent in 2015.
Now that the Federal Reserve has brought its program of quantitative easing to a successful conclusion, while the French and German governments have ended their shadow-boxing over European budget “rules,” macroeconomic policy all over the world is entering a period of unusual stability and predictability. Rightly or wrongly, the main advanced economies have reached a settled view on their economic policy choices and are very unlikely to change these in the year or two ahead, whether they succeed or fail. It therefore seems appropriate to consider what we can learn from all the policy experiments conducted around the world since the 2008 crisis.
A small piece of good news on Brazil's inflation rate last week probably gave the central bank its best pretext yet to finally stop raising interest rates after more than one year of non-stop increases. But economists still think it's too early to proclaim "mission accomplished".