Sixth, QE can create moral-hazard problems by weakening governments’ incentive to pursue needed economic reforms. It may also delay needed fiscal austerity if large deficits are monetized, and, by keeping rates too low, prevent the market from imposing discipline.
第六，QE可能导致道德风险，因为它会削弱政府进行必要的经济改革的动力。大额赤字货币化也会拖延财政瘦身的步伐。而利率过低则会妨碍市场树立纪律。