Monetary policy is heading in differing directions across the emerging world. Several economies in Central and Eastern Europe, Asia (notably China) and Latin America have lowered interest rates in recent months and are likely to keep policy supportive for the foreseeable future. But at the same time, several EMs that are bumping up against capacity constraints (Brazil and Russia) or have large current account deficits (Turkey and South Africa) are likely to require tighter monetary policy.
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