TOKYO – Last month – just a few days before the European Central Bank announced its intention to initiate quantitative easing (QE) – I attended a seminar in Geneva with international journalists, policymakers, and investors. The discussions there, much like those in Japan before Prime Minister Shinzo Abe launched his groundbreaking economic-reform strategy in 2012, reflected an inadequate understanding of unconventional monetary policy's transformative potential.
东京—上个月——就在欧洲央行宣布有意采取量化宽松政策前几天——我与国际记者、决策者和投资者一起出席了一次日内瓦讨论会。此次讨论与2012年安倍晋三首相采取开创性经济改革战略前的情况极为相似，反映出对非常规货币政策的变革潜力的认识不足。