A decade after the guardians of the world economy united to save it from depression, the scope for such shock-and-awe policies has all but dried up.It was 10 years ago on Monday that the Federal Reserve (Fed) and five fellow central banks banded together for a rare coordinated interest rate cut.

Philippine central bank Governor Nestor Espenilla laid out the case for another interest rate increase, citing broadening price pressures, tighter United States (US) monetary policy and a currency slump.While Espenilla stopped short of saying that a rate hike is on the cards on Wednesday, he said in an interview that the Bangko Sentral ng Pilipinas (BSP) aims to anchor inflation back to its target next year.

Thailand is becoming an oasis of monetary policy stability as other emerging markets scramble to raise interest rates.The country’s Finance Ministry anticipates that borrowing costs will be left at 1.5 percent this year, said Kulaya Tantitemit, a spokeswoman and an inspector general at the ministry. While an increase is possible in 2019, it won’t be steep, she said.“It wouldn’t be aggressive,” Kulaya said in an interview Wednesday, referring to a potential tightening next year.

Singapore’s central bank chief said while inflation is still well below the historical average, policy makers need to be proactive if a stronger economy results in a pickup in price pressures.Inflation will climb at some point if economic growth continues to strengthen, and under those circumstances, the central bank – like others around the world – needs to be forward-looking, Ravi Menon, managing director of the Monetary Authority of Singapore, said in an interview at the bank’s headquarter

Indonesia’s success in taming consumer prices provides room for lower interest rates, President Joko Widodo said, while making it clear that it was the job of the central bank to determine whether to cut.Inflation will average less than four percent this year, down from more than eight percent in 2014 when he took office, Widodo – also known as Jokowi – said in an interview at Huta Ginjang, overlooking the picturesque Lake Toba, where he had been to open a newly upgraded airport nearby.

Philippine central bank Governor Nestor Espenilla said contained inflation means there isn’t a need to increase interest rates in the near term."Right now, there is no need to move policy rates looking at the inflation outlook," Espenilla said in Washington where he was attending the annual International Monetary Fund meetings.

Singapore’s central bank is widely seen sticking to a neutral stance on Friday, but it may be moving closer to tightening policy as the economy continues to strengthen.All but one of the 23 economists surveyed by Bloomberg predict the Monetary Authority of Singapore, which uses the exchange rate rather than interest rates as its main tool, will keep its policy stance where it is: seeking no appreciation in the currency against a trading basket.Less clear is whether the MAS will signal it’s re