Central banks are back on the center stage of the global economic policy debate. The U.S. Federal Reserve and the European Central Bank now appear ready to ease monetary policy — in a turnaround from just some months ago when people were looking for “exit” and additional rate hikes.
In time-honored fashion, as soon as recession risks rise, pressure for monetary countermeasures goes up. The more ambitious political leaders are, the more intense the pressure gets. Unfortunately, there is growing evidence that monetary policy alone cannot do the trick of getting economies back on track. Money may make the world go round, but money alone does not create sustainable economic growth and prosperity.
Unable to view this article?
This could be due to a conflict with your ad-blocking or security software.
Please add japantimes.co.jp and piano.io to your list of allowed sites.
If this does not resolve the issue or you are unable to add the domains to your allowlist, please see out this support page.
We humbly apologize for the inconvenience.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.