It is generally accepted in economics that financial variables tend to adjust more rapidly than real and policy variables. This seems to be the case this year with the three major transitions that are critical to the longer-term well-being of the global economy and markets.
While this process is ongoing, policymakers would be well advised to put these changes in operating regimes front and centre at the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington this week.
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