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Ben Bernanke: Last year QE2, this year silence |
The sovereign debt crises leave developed-world governments running high annual budget deficits and debt-to-GDP burdens, with little remaining capacity to intervene this time around. None of those European governments now reluctantly pushing through austerity measures to protect their ratings and preserve market access has seemed capable of also articulating a convincing strategy for growth.
Central banks will no doubt keep rates low but it’s not clear what else they can do.
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