Robert Pringle’s Viewpoint: Time to cure central bankers’ deflation phobia
The policies followed since the ‘great crisis’ have not succeeded in restoring confidence
The mix of policies pursued by governments and central banks has been essentially unchanged for five years. In fiscal policy, an initial, coordinated stimulus to counteract the recession of 2008 was quickly replaced by efforts at fiscal consolidation - though these have proceeded at different rates in different countries. This has been accompanied by sustained and extraordinary monetary policy stimulus.
Unconventional monetary policies have been considered by many to be the only means of
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