But the advanced economies’ room for fiscal maneuver is more limited than it was in 2007-2008, and America’s political gridlock has deepened, all but ruling out further stimulus through budgetary channels. Although the effectiveness of a new round of quantitative easing will be limited, as Mantega argues, the Fed had no choice but to act.
当然，工业国的货币扩张应该辅之以非紧缩性的财政立场。但发达国家的财政动作的空间比2007—2008年期间小了很多，美国政治僵局也有所深化，这些都排除了通过预算渠道实施进一步刺激的可能。尽管正如曼蒂加所言，新一轮量化宽松的效果会极其有限，但美联储别无选择，只能这样做。