Quantitative easing measures across the world may or may not have lifted economies but they are surely piling up huge problems, including a lot of unintended consequences. So much so, the monetary policy mechanism itself has begun to lose its effectiveness at the global level. Along with heavy doses of exchange rate devaluation to gain in competitiveness, nations are creating major imbalances across economies. This may force governments to look for other ways for extra-fiscal stimulation to get out of the current morass.
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