NBP warns ECB-Fed mismatch may impair policy-making

The National Bank of Poland

The divergence of economic growth and monetary policy in the US and Europe is likely to create challenges for monetary policy-makers elsewhere, the National Bank of Poland (NBP) has warned.

Presenting its yearly outline of factors affecting its monetary policy in the coming year, the NBP said "diversified" growth rates between the US and Europe "will lead to divergence of monetary policy cycles between these economies."

The Fed is winding down its programme of quantitative easing just as the Eur

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