Ninth, QE and other unconventional monetary policies can have serious unintended consequences. Eventually, excessive inflation may erupt, or credit growth may slow, rather than accelerate, if banks – faced with very low net interest-rate margins – decide that risk relative to reward is insufficient.
第九，QE和其他非传统货币政策可能引发一些严重的意外后果。最终可能爆发恶性通胀，或者导致信贷增长放缓而非加速，因为银行可能认为，在边际净利率非常低的情况下，放贷的风险远远大于收益。