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Document contains latest monetary policy developments at selected central banks and news. The Spotlight article "Brazil's ways out of crisis" focuses on economic and monetary developments in Brazil, which hosted this year’s Summer Olympic Games but whose economy is going through a deep recession. In our Selected Speech, the President and CEO of the St. Louis Fed James Bullard provides a new characterisation of the US economic outlook.

Document contains latest monetary policy developments at selected central banks and news. The Spotlight article: „Exit strategy from non-conventional monetary policy“. Selected speech: „Small lessons from a big crisis“ was presented by Andrew G. Haldane (Bank of England).