Getting the macro right

What a fortnight it’s been! From a time when no government across the world seemed to be able to get it right to one where Europe seems to have got back some of its mojo with the European Central Bank (ECB) bond buying and the European Stability Mechanism (ESM) finally getting a kickstart, to the US where QE3 has been announced (it must be said this was weakened by the complete absence of coherent action on the fiscal front) and to India where the government has finally taken some tough decisions on diesel pricing to announcing reforms like allowing FDI in multi-brand retail and genuine FDI in aviation.

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