During 2015, foreign net capital outflows from emerging markets totalled USD 735 billion, the majority of which was out of China – the largest amount since 2008 2. Growth picked up in the advanced economies – particularly in the US and European Union. The slowdown in global growth hasn’t been for lack of monetary stimulus by central banks.
Before I delve deeper into these topics, I would like to lay out three core talking points. 1. First, European monetary policy has ventured deep into uncharted territory, and there is a growing risk of it being subjugated to fiscal policy.