Talk isn't so cheap

Policy rhetoric and action may have prevented a collapse in global banking systems and capital markets. But extreme conditions persist: rising global headline inflation, a falling dollar, surging commodity prices, slowing growth. US officials were seen as talking up the dollar and bringing forward rate hikes. But this did not last and the dollar duly fell, oil surged. This raises a question: Should we expect a stronger policy statement on currencies, a G-7 'Accord', or even co-ordinated