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What does €2.6tn buy you? If you’re after inflation, the answer is not much.

The reason is that no matter how much radical support central banks provide, banks will not want to lend and companies will not want to borrow, instead preferring to rebuild their battered balance sheets.

Inflation Targeting and Financial Stability by Michael Heise

FT 3 June 2019

Did inflation targeting fail? 

How can it have gone so wrong?

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