Outras marteladas.
O clube dos cépticos nas propriedades milagrosas do alívio quantitativo acabou de ter ganhar um novo membro de peso. Nada menos do que a OCDE que acaba de publicar no Interim Economic Outlook, um «Global growth warning: weak trade, financial distortions» de onde respigo a seguinte passagem expressando a falta de fé nas políticas monetárias dos bancos centrais:
«Monetary policy is overburdened and, in the absence of strong fiscal and structural policy action, will not suffice to break out of the low-growth trap, while leading to growing financial distortions and risks. Current market-based expectations suggest that policy interest rates will remain zero or negative at least until end-2018 in the euro area and Japan and in the United States only slightlyhigher than at present. With past and current purchases of government bonds, central banks have become major holders and buyers of sovereign debt and are intervening in a wide range of other markets, including for corporate bonds and equities. The uneven policy response across countries and over-reliance on monetary policy adds to global imbalances and creates spillovers that can have disruptive effects on other countries through capital flows and build-up of financial risks.
Preparemo-nos, pois, para a emergência de um novo credo que receio seja também baseado nos supostos poderes miraculosos dos bancos centrais a manipularem o preço e a quantidade de dinheiro.
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