Britain’s House of Lords has just published its evaluation of the Bank of England’s quantitative easing program. The title summarises their unflattering assessment: Quantitative Easing – a dangerous addiction?
This concern has special resonance as one author was Mervyn King who, as governor, initiated the Bank’s QE program in 2008.
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Stephen Grenville is a former deputy governor of the Reserve Bank of Australia and a non-resident fellow of the Lowy Institute.