The arguments that the Federal Reserve's second round of quantitative easing will stoke inflation or harm emerging market economies by sparking inflows there, were "off the mark," Charles Bean, a deputy governor of the Bank of England, said Monday.

QE2, as the second round of asset purchases unveiled in November has been dubbed, will only prove inflationary if it causes excessive nominal spending growth, "which hardly appears likely at the current juncture," Bean said. "Only if the [Fed] fails