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After unprecedented fiscal interventions, markets must regain their influence over yields — or risk rising inflation

Respected figures such as former US Treasury Secretary Larry Summers or Charles Goodhart of the London School of Economics are issuing plausible warnings of escalating inflation expectations coming to a head in 2022. 

The need for remedial action is particularly acute in Europe, where the ECB has run negative interest rates since 2014

ECB has become a de facto agent of fiscal policies, buying the majority of government bond issuance in 2020-21.

Telegraph 21 February 2021


Jacques de Larosiere, 91, is a former head of the International Monetary Fund and former Governor of the Banque de France. 

David Marsh is chairman of the Official Monetary and Financial Institutions Forum.

“When I introduced QE in 2009, it was only meant to last a couple of years – no-one thought we’d still be using it in 2021,” 

He became Chancellor in June 2007. Later that summer, Northern Rock suffered the first run on a British bank in 150 years – a prelude to the Lehman implosion the following year. “When I took the job, everything looked fine,” the 67-year-old Scot recalls

Alistair Darling Telegraph 22 February 2021


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