For a long time now, central banks have been regarded as the only game in town by fiscally constrained governments hoping to restore growth to their paralysed economies.
This was always a mistake, for, though central banks can certainly buy time for debt deleveraging and economic adjustment, they cannot solve underlying deficiencies in competitiveness and solvency. Countries that put their faith in easy money alone are only storing up new, and possibly worse crises for the future.
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