"Barring a significant shock in the external environment, the Singapore economy should expand at a moderate pace over the course of the year. Wage pressures will persist and firms are likely to pass on business costs to consumer prices. Consequently, MAS Core Inflation is expected to stay elevated."

Monetary Authority of Singapore (MAS), Singapore's central bank,

expressing commitment to its tight monetary policy stance Monday despite tepid GDP growth in the first quarter, Reuters reported. In a widely expected decision, the MAS said it will maintain its policy of allowing a "modest and gradual" appreciation of the Singapore dollar, with no changes to the slope, width or center of the policy band.

"Asset purchases are an instrument that we are ready to use if we deem necessary … Further monetary easing is ... not excluded, but remains contingent on outcomes … If such easing is called for, the Governing Council is unanimous in its commitment to use also unconventional instruments within its mandate."

Benoit Coeuré, a member of Executive Board of European Central Bank (ECB),

explaining how the ECB would approach an asset purchase plan to tackle low inflation, stressing such a program "would not be about quantity, but about price," Reuters reported. The ECB opened the door earlier this month to turning on its money-printing presses to keep inflation from staying too low, though it shows no sign of embarking on such quantitative easing just yet.

"We have to be aware of it, we have to monitor it ... this is where communication is helpful and being attentive is helpful … Doing the right thing for the US economy is ultimately helpful for larger parts of the world."

Jeremy Stein, a Federal Reserve governor,

emphasizing his claim that financial stability should be an aim of US central bank policymaking, Reuters reported. It runs against the concept of adjusting interest rates to target inflation and unemployment.