QE ett misslyckande

ECBs QE-politik övertygar inte alla. Här ett inlägg av David Malpass i dagens Wall Street Journal:

Central bankers should be forcefully urging their governments to pursue practical growth-oriented solutions that encourage private investment and hiring. Instead, they’ve allowed the focus to be on them and their decisions to prolong quantitative easing—even though QE hasn’t worked.

Central-bank liabilities have grown by an extraordinary $7 trillion since the 2008 crisis, yet many parts of the world are in or near recession, including Japan, Latin America, Eastern Europe and most of the eurozone. The World Bank and International Monetary Fund have just lowered their 2015 global growth forecasts, and the IMF is expected to knock more than $5 trillion off its October estimate of 2015 world GDP due to recent declines in commodities and currencies and the slide toward deflation.

Mr. Malpass is president of Encima Global LLC. He served as deputy assistant Treasury secretary in the Reagan administration and deputy assistant secretary of state in the George H.W. Bush administration.

WSJ