Former IMF chief weighs up benefits and costs of QE


The purpose of this article is not to make an assessment of quantitative easing (QE), but to share some thoughts by focusing on three main questions:

1. Can zero or negative interest rates create problems for financial stability?

2. Are there any fundamental risks linked to the massive creation of liquidity by central banks?

3. Is current monetary policy consistent with the idea of strengthening the international monetary system?

Zero interest rates and financial stability

When central banks rea

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