The Bank of England’s Monetary Policy Committee confirmed its 0.5 per cent base rate of interest yesterday. Thus the UK remains, with the Federal Reserve of the US, the Bank of Japan and even the European Central Bank in the very low interest rate club. Critics argue that this policy – even more than quantitative easing, in which the Federal Reserve is now engaged and the Bank of England may engage again – is unfair and inefficient. Are they right? “Yes and no” is the answer. These are bad policies. But alternatives are worse.
英国央行货币政策委员会(Bank of England’s Monetary Policy Committee)日前将基准利率维持在0.5%不变，由此与美联储(Fed)、日本央行(BoJ)乃至欧洲央行(ECB)一道，继续留在了“极低利率”俱乐部里。批评者提出，较之美联储正在实施以及英国央行可能再次实施的定量宽松，该政策甚至更加不公平和缺乏效率。他们的观点对吗？答案是：“既对也不对”。这些政策是很糟糕。但其它选择更加糟糕。
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