- Genuine uncertainty about impact of QE. Great, that’s encouraging to hear
- No guarantee that QE will have lasting positive effect. Getting better
- If QE turns out to have been ineffective, case to buy private sector assets
- BOE, Treasury should do contingency plan for buying private sector assets
More King
- Some signs that fall in sterling has helped exporters
- Troubled that global imbalances not resolving quicker
- Concerned that global imbalances will re-emerge when growth speeds up
- Need a world monetary system that stops imbalances emerging
- Imbalances will create pressure for protectionism if not resolved otherwise