EFTA Document EFTA01449352

16 May 2013 FX Blueprint: Dashing Buck argued that the positive effects from a weaker exchange rate on the economy were outweighing negative effects on demand. Combined with global disinflation, the Czech Republic's large negative output gap continues to advocate further policy easing, with the CNB's focus in turn likely to remain on ways of making policy more expansive. Meanwhile global disinflation is complicating the policy outlook in much of the rest of EMEA FX. In Israel, Poland