FT社评：经济复苏难掩各国央行分歧.docVIP

Leader_Yellen should look beyond the US When the top economic officials from the world’s 20 leading nations gather in Sydney this weekend, they will be spared the sense of crisis that has loomed over the most recent G20 meetings. The global economy is humming along, driven by China and by the incipient recovery of parts of the rich world, most notably Britain, the US and Japan. Turmoil in the eurozone has receded, with bond yields in peripheral countries finally back near pre-crisis levels. Even the jitters across emerging markets which troubled investors earlier this year seem to have calmed down momentarily. 全球20个主要国家的最高经济官员本周末在悉尼开会时，他们将一扫前几次20国集团 G20 会议弥漫的危机感。全球经济在稳健增长，得到中国以及出现初步复苏的部分富裕国家（尤其是英国、美国和日本）的带动。欧元区的风暴已经消退，其外围成员国的债券收益率终于跌回至接近危机前的水平。即使是今年早些时候困扰投资者的笼罩新兴市场的不安，似乎也已经暂时平静下来。 To some extent, the improvement in economic conditions has been mirrored in the state of global governance. Protectionism remains a distant threat and an agreement in Bali last December has breathed new life into the World Trade Organisation. Global imbalances, especially between China and the US, have also narrowed. While this was not the consequence of co-ordinated action by governments, the improvement has taken some heat off the relationship between Washington and Beijing. 从某种程度上说，经济状况的改善反映了全球治理状态。保护主义仍是一个遥远的威胁，而去年12月在巴厘岛达成的协定为世界贸易组织 WTO 注入新的生命力。全球经济失衡（尤其是中国和美国之间的失衡）也减轻了。尽管这不是各国政府协调行动的后果，但局面的好转已经在一定程度上缓和了华盛顿和北京之间的关系。 However, on one of the defining economic issue of our times – how to handle the transition to a world of higher interest rates – the relationship between global central banks remains frosty. Raghuram Rajan, governor of the Reserve Bank of India, has called on his colleagues at the US Federal Reserve to take into account the difficulties of the developing world when tapering their $85bn-a-month asset purchases. In her testimony to Congress last week, however, Janet Yellen, the Fed chairwoman, turned a deaf ear to the plea by her opposite number in Mumbai, making it clear