Central banks risk turning recovery into failure

Central banks risk turning recovery into failure Just imagine that the developed world’s central banks raise interest rates this year. Would this be a welcome sign of success, signalling the beginnings of a sustained economic recovery? Or would it represent the most monumental of policy failures?

Many central bankers are becoming increasingly trigger-happy. The Bank of England is more and more hawkish by the minute. The European Central Bank has an intense dislike of all things inflationary, whatever their source. Even the Federal Reserve is feeling the pressure, continuously being forced to deny that inflation “over there” in the emerging world is the result of printing money “over here” in Washington.
http://link.ft.com/r/H60H77/XTR2OT/C5MKOT/V19OAS/UUYY8R/7V/h?a1=2011&a2=3&a3=2