The latest decision from the European Central Bank to reactivate quantitative easing to revitalise the comatose Eurozone economy has been met with scepticism — this time even by central bankers in the Eurozone.
The doubters within the central banking community are now openly voicing their disagreement with such monetary policy tools.
Monetary policy in the US and the UK too is ever more widely critiqued for being ineffective and for causing inequality and asset bubbles. Low interest rates and cash injections into the financial system are not translating into significant private sector investments and well-paid employment.
Ismail Erturk will be on of the speakers at our conference on monetary policy on November 27th