Retail stocks jumped in Hong Kong as investors anticipated monetary-policy stimulus to support consumption.
His vast experience of monetary-policy decisions and financial crises would be invaluable in troubled times.
The Bank of England's monetary-policy committee has been agonising for months over whether to raise them.
This might be because in banking and monetary-policy circles, Mr Trichet's reputation remains high.
That leaves it to the Bank of England's monetary-policy committee to fire-up the economy.
More important, however, current inflation rates matter far less to monetary-policy makers than does expected inflation.
The economy is also posing some difficult questions for the Fed, whose monetary-policy committee met on Tuesday.
Monetary-policy announcements from Beijing are still not as important as the Delphic words of Alan Greenspan, the Fed's chairman.
Monetary-policy hawks can reassure themselves that the policy rate is not too low.
When standard monetary-policy responses reach their limit, fiscal options, such as cutting taxes and increasing public spending, come into play.
The Bank of England's monetary-policy committee has said that it is more likely than not to raise interest rates again.
Instead it will have to present the collective view of the nine members of the new monetary-policy committee, who may disagree.
That background might predispose the new ECB president to the sort of monetary-policy activism that the Fed has gone in for.
But, he went on, this was still not the view of a majority of the Bank's monetary-policy committee, which sets interest rates.
The bill would also increase the bank's monetary-policy council, from ten to 16 members, allowing politicians to pack it with doveish appointees.
ECONOMIST: Strains between governments and their central banks
The upheaval is transforming an industry that Kate Barker, a member of the Bank of England's monetary-policy committee, heavily criticised in 2004.
In addition, decisions on interest rates will be taken by a monetary-policy committee within the Bank, with members appointed by the government.
On Wednesday, Mr. Bernanke will address the House Financial Services Committee in day two of the Fed chief's semiannual monetary-policy address to Congress.
However, there will still be a long-run 0.8 percentage-point gap, according to Stephen Nickell, a member of the Bank of England's monetary-policy committee.
European markets slid, with the Stoxx Europe 600 closing down 0.9% ahead of monetary-policy announcements by the ECB and the Bank of England.
If, after the Christmas break, the interbank market still stutters, central banks will continue to have a problem transmitting their monetary-policy message to the market.
Mr. Sanyal said he expects the RBI to cut its policy rate by another quarter percentage point at its next monetary-policy meeting on June 17.
Investigations by the RBI into the allegations "revealed the need for better regulatory compliance by banks, " the central bank said in its annual monetary-policy statement.
The state of the housing market is likely to have been high on the agenda when the Bank of England's monetary-policy committee met this week.
Kate Barker, a member of the Bank of England's monetary-policy committee, examined this question in 2004 and found that the housebuilding industry was fragmented and inefficient.
ECONOMIST: Most Britons want their own homes, and green spaces too
The monetary-policy dilemma has so far proved less testing, at least for central banks that had looked likely to raise interest rates before the crisis broke.
One proposal would subject the Fed's monetary-policy decisions to congressional audit while another would make the presidents of the 12 semi-autonomous regional reserve banks politically more accountable.
ECONOMIST: From Argentina to America, politicians are taking aim
When the ECB council makes its regular monetary-policy decision at the start of each month, this affects the rate or terms at which it lends to banks.
ECONOMIST: Inside Germany��s central bank: Europe��s monetary opposition | The
The report's call for central-bank autonomy, for instance, simply meant "greater operational independence rather than true independence from the government in making major monetary-policy decisions, " Mr. Prasad said.
The markets' reaction was in part in response to the Fed's newly transparent policy of releasing the minutes of its monetary-policy meetings just three weeks after the event.
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