• Home
  • Latest
    • All analysis
    • Must read
    • Graphic
    • Maps & charts
    • Prospects
    • Webinars
  • International
  • Regions
    • Asia Pacific
    • Europe
    • Latin America
    • Middle East / Africa
    • North America
    • Russia/CIS
  • Sectors
    • Energy
    • Finance
    • Food / Agribusiness
    • Infrastructure
    • Manufacturing
    • Security / Defence
    • Technology / Media / Telecoms
  • Issues
  • Search
  • Sign in
  • Request trial
  • Your account
  • Help & support
  • Global Risk Monitor
  • Search
  • Your account
    • Sign in
    • Request trial
    • Your account
    • Help & support
  • Simple search
  • Advanced search
  • Help on search 

        
            
                
                
                Search
            
        
    


                    

                        
                    


            

        


        

            





    

    !
    


        

      !
      


      
    
      
        
        
        
        
            
                
                
                Select date
            
        
    
      
    
      
        
        
        
        
            
                
                
                Select date
            
        
    
      

      


      
    
      
        
      
            
            
        
      
    
      
    
      
         
        
    
      

      



                  
      
        
      

    
      

      


      
    
      
        
      
            
      
                
      
                    
                    
                
      
                
      Select geographies
      
            
      
            
      
                
      
                
      
            
      
            
      
                
                
            
      
        
      
    
      
    
    

      


      
    
      
        
      
            
      
                
      
                    
                    
                
      
                
      Select topics
      
            
      
            
      
                
      
                
      
            
      
            
      
                
                
            
      
        
      
    
      
    
    

      



                            
      
                        
      
                    
      
                
      
            
      
            
      
                
            
      
        
      
    
      

      
    


      
    
      
        
      
            
      
                
      
                    
      
                        
      
                            
      Global Risk Monitor
      
                            
      
                                Measure and understand the likelihood of emerging geopolitical risks
                            
      
                        
      
                    
      
                    
      
                        
      
                            GRM Client Access
                        
      
                        
      
                            Learn more
                        
      
                    
      
                
      
            
      
            
      
                
            
      
        
      
    
      

      

        
      
    
    
      
        
      
            
      
                


      
    
      
        
      
            
      
                
        


    
      • 
        
            
        
    
        • 

        
      • 
            
                
            
        
        • 

        
      • 
            
                
            
        
        • 

        
      • 
            
                
            
        
        • 

    
      • 
        
            
        
    
        • 

        
      • 
            
                
            
        
        • 

        
      • 
            
            
                
            
        
        • 

      

                
            
      
            
        


    
      • 
        
            
                Print page
        
    
        • 

        
      • 
            
                
                    Download PDF
            
        
        • 

        
      • 
            
                
                    Share by email
            
        
        • 

        
      • 
            
                
                    Issues
            
        
        • 

    
      • 
        
            
                See also
        
    
        • 

        
      • 
            
                
                    Rate article
            
        
        • 

        
      • 
            
            
                
                    Ask analyst
            
        
        • 

      

        
      
    
      

      


      
    
      
        
      
            
        


    
      • 
        
            
                Print page
        
    
        • 

        
      • 
            
                
                    Download PDF
            
        
        • 

        
      • 
            
                
                    Share by email
            
        
        • 

        
      • 
            
                
                    Issues
            
        
        • 

    
      • 
        
            
                See also
        
    
        • 

        
      • 
            
                
                    Rate article
            
        
        • 

        
      • 
            
            
                
                    Ask analyst
            
        
        • 

      

        
      
    
      

      









          
      
        
      
            
      
                
    
    
      See also
      

            
      
            
      
                
    
      
        

            
      
                
      
                    
        
                        
      • Dec 23, 2014
        • 
                    
      
                    
      US Fed policy will spark new 'currency wars'
      
                
      
            
      

    
      

            
      
        
      
    
      

      



            
      

            
      
                
      
                    
      

                        


        
        
      1. 
            Home
        
        2. 
        
      2. 
            Sectors
        
        3. 
        
      3. 
            Finance
        
        4. 

      


                        
      
    
      Balance sheet wars will fire up among central banks
      
    
      Thursday, January 15, 2015
      

    

      



    
      
                
      
                            You must be signed in to read this analysis
                
      
                
      
                        Sign in

                    
                        Sign up to our newsletter
                    
                
      
    
      

                    
      
                
      
            
      
        
      
    
      



    

      
    
      
        
      
            
      
                
      
                    
      
                        
      
                            
                                
                            
                        
      
                        
      
                            
      Your Account
      
                            
        
                                
      • Dashboard
        • 
                                
      • Your details
        • 
                                
      • What you follow
        • 
                                
      • Alerts
        • 
                                
      • Get help
        • 
                            
      
                        
      
                        
      
                            
      Locations
      
                            
        
                                
      • Oxford
        • 
                                
      • Paris
        • 
                            
      
                        
      
                        
      
                            
      
                                
      Connect
      
                                
        
                                    
      • Web
        • 
                                    
      • Linkedin
        • 
                                
      
                            
      
                        
      
                    
      
                
      
                
      
                    
      
                        
        
                            
      • © Oxford Analytica 2025
        • 
                            
      • Disclaimer
        • 
                            
      • Privacy
        • 
                            
      • About Oxford Analytica
        • 
                        
      
                    
      
                    
      
                        
      
                            
        
                                
      • About Oxford Analytica
        • 
                            
      
                        
      
                    
      
                
      
            
      
        
      
    
      

      

    




          
      
        
      
            
      
                
    
    
      Contact us
      

            
      
            
      
                
    


      

    


              
      
            
      !
      
            
      !
      
            
      !
      
            
      !
      
            
      !
      
            
      !
      
            

            
      Select a country
        !
        
        
        

        !
        !
        !
                
        We respect your privacy. Please read our privacy policy.
        
        
        
            
            
        
        

        

            
        
        
        
    
        

        
    

    

    

    BESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswy