Growth, spending cuts and tax increases did their bit, but the make-or-break factor was monetary policy.
Some thinkers are saying that the chief factor now is monetary policy.
In addition to serving as a benchmark for trillions of euros in savings and loans, the European Central Bank also uses it as a factor in its monetary-policy decisions.
Still, the recent easing of BOJ monetary policy is a bullish underlying factor for the precious metals markets.
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Also, the weekend news that China eased its monetary policy is a bullish underlying factor for all raw commodity markets.
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One factor is the unconventional monetary policies in developed nations.
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The past four years of very easy U.S. monetary policy have been an underlying bullish factor for the raw commodity sector, including gold and silver.
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The easier factor to analyze is the monetary one.
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According to Tina Chen, VP of Operations at HR Outsourcing firm Employco USA, many job seekers are tied to the notion that monetary compensation from a salary is the only factor to consider.
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Unlike most others, he saw that the Federal Reserve was inadvertently tightening in 1998--99, and he recognized that our central bank was overdoing monetary stimulation in 2004--06, the critical factor in the spike in oil prices.
Mr. Subbarao, while speaking at an event in the western Indian city of Ahmedabad, said the RBI will factor in the current-account gap while formulating its monetary policy.
News the International Monetary Fund beefed up its emergency lines of credit was not a major factor in the market place, after an initial and short-lived flurry of price activity.
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Another negative factor for the U.S. dollar remains the interest rate differential outlook or the official monetary policy rate.
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Next week the big factor for the financial markets, metals included, will be the two-day Federal Reserve monetary policy meeting, set for Sept. 20-21.
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As opposed to having Greece deal with its own debt issues, using their own fiscal, monetary and currency, measures, EU countries now have to coordinate the opinions of the 26 other member countries and factor in the implications on 27 different economies and cultures with a single, coordinated currency and interest rate framework.
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