Trapped in a post-crisis quagmire of zero interest rates and swollen balance sheets, the world’s major central banks do not have an effective strategy for regaining control over financial markets or the real economies that they are supposed to manage. Policy levers – both benchmark interest rates and central banks’ balance sheets – remain at their emergency settings, even though the emergency ended long ago.
中央银行迷失了方向。世界主要央行陷入了后危机时代的零利率和资产负债表膨胀的陷阱，拿不出有效战略重新控制应该由它们进行管理的金融市场和实体经济。政策杠杆——基准利率和央行资产负债表——仍然处于紧急状况设定中，虽然紧急状况早就结束了。