Adrian Blundell-Wignall making more sense today:
Monetary policy cannot “fix” stag-deflation in the West, the fundamental cause of which is excess investment in certain parts of the world.
…Here we are with 11 years of the easiest global monetary policy in history and we see not only little inflation but also weakening economic growth. This lack of response to monetary stimulus will remain a puzzle if we fail to recognise that the problems faced sit squarely on the real side of the economy.
