Confidence is too low for commercial banks to create credit on the scale needed to return to full employment and the pre-crisis growth trend, however many hundreds of billions of whatever cash central banks pour into them. We are learning all over again that the central bank cannot create whatever level of credit it wants!
我也认为要从危机中恢复需要财政刺激。但同时我认为货币政策，即使是非常规的货币政策，也无法达到这种效果。尽管央行注入了数千亿的现金，商业银行仍没有多少信心来创造足够多的信贷以让经济回复到充分就业和危机前的增长趋势。我们也再一次明白到央行其实也无法任意创造出它们所期望的信贷水平。