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Future Bank governor Mark Carney warns Europe faces lost decade

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Incoming Bank of England governor Mark Carney

Incoming Bank of England governor Mark Carney has warned Europe could face a “decade of stagnation” unless it takes bolder policy decisions such as boosting quantitative easing. 

The Daily Telegraph reports that in his last speech as Bank of Canada governor, Carney backed Japan’s “bold policy experiment” of boosting its quantitative easing programme. 

The newspaper suggests this declaration of support could see Carney extend the UK’s asset purchase programme in a bid to boost growth when he takes over as Bank of England governor next month.

Carney said: “Europe can draw lessons from Japan on the dangers of half measures… Europe remains in recession. Deep challenges persist in its financial system. Without sustained and significant reforms, a decade of stagnation threatens.”

He attributed Canada’s success to “responsible fiscal policy, sound monetary policy, and a resilient financial system”, and added that out of the G7 nations, only “Canada does not need to repair”.

The International Monetary Fund will today publish its annual update on the UK economy, and its position on chancellor George Osborne’s strategy for getting the economy back on track.

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Neptune video: Indian valuations and Modi’s pro-investment agenda

Kunal Desai, Head of Indian Equities, discusses his expectations for the Indian market and highlights the key indicators that he is watching for 2015.

In the video, Kunal addresses:

• Indian equity valuations and the importance of stock selection in gaining exposure to the earnings upgrade cycle

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