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Bye to QE—for now?

More activist fiscal policy is on the way

By George Magnus  

The headquarters of the Bank of England in X. ©Diliff

It began as a response to the sclerosis that shut down the credit arteries of our economies in the wake of the great financial crisis. Quantitative easing (QE), under which central banks bought government and private-sector assets, was deployed to stabilise the financial system. It remained in place later as the principal policy tool to stimulate growth and inflation while many governments presided over restrictive fiscal policies (aka austerity) in order…

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