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Stephen Grenville

How QE became an addiction we must learn to break

Central bankers must underline that printing money was an emergency fix, not a routine solution to economic problems.

Stephen GrenvilleFormer central banker
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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.
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    Original URL: https://www.afr.com/policy/economy/how-qe-became-an-addiction-we-must-learn-to-break-20210824-p58ljh