Brighter spots in the world economy

Lima

THE bright spots are getting brighter. There was a somewhat gloomy buildup to the annual meetings of the World Bank and the International Monetary Fund in Lima, Peru, at the weekend. The US Federal Reserve didn't help by indulging in protracted agonising over whether to raise interest rates, deciding against a hike on Sept 17.

In earlier years, the Fed often stood accused of failing to take the rest of the world into consideration in its monetary decisions. In the manner of a newly baptised chief executive who has overdosed on psychological counselling, Fed officials now seem to leave no stone unturned in searching for reasons not to raise rates. Yet, as Stan Fischer, the lugubrious Fed vice-chairman, said on Sunday in Lima, emerging market and other countries have told the US central bank to go ahead and "just do it".