Mervyn King, the former Governor of the Bank of England, referred to those central banks who focused solely on inflation targeting as "inflation nutters". They should be less obsessed with inflation and take other things into account. The central bank of Brazil may well be in the inflation nutter camp. Click to read more.

Italy has managed to sustain a supposedy unsustainable debt position for years. It continues to do so. Click to learn more.

Inflation risks but debt levels have come down. Political risks are, as always, high.