Critically evaluate the effectiveness of the monetary policies adopted in a country of your choice in addressing the consequences of the financial turbulence following the crisis of 2007-8. Have these policies had a favourable influence on the country's overall macroeconomic performance?
In your answer, explain what targets have been adopted by the country's monetary authorities, and address questions such as the following:
- Have these targets changed since the crisis?
- What has been the relation between the country's government and its central bank and other monetary authorities?
- How have the country's monetary policies differed or resembled those of other countries?
- To what extent have the country's monetary policies responded to, or influenced, those of other countries?
- What debates are currently topical regarding its monetary policies, within the country and from outside it?
- What current domestic and international circumstances are likely to influence the outcome of these debates?
Please choose the UK or China.