In return to normality, fiscal order must come first


During a debate at London School of Economics (LSE) on Thursday, leading British economists discussed the nuances of quantitative easing and agreed that the removal of massive policy accommodation must start with return to fiscal sustainability, rather than a reduction in central banks' balance sheets or a rise in interest rates.

Tim Besley, a member of the Bank of England's Monetary Policy Committee (MPC), played down the difference between convention monetary policy and the practice of quantit

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