To be effective, monetary stimulus needs to be accompanied by temporary fiscal stimulus, which is now lacking in all major economies. Indeed, the eurozone, the UK, the US, and Japan are all pursuing varying degrees of fiscal austerity and consolidation.
也许更重要的是财政政策的大幅错配。要想产生效果，货币刺激必须辅之以暂时性财政刺激，而这一点所有主要经济体都没有做到。事实上，欧元区、英国、美国和日本都在追求不同程度的财政紧缩和整合。