Sturm und drang

摘要

As a storm brews over the scope of the ECB's bond buying programme after a German court demanded the central bank justify its public sector purchases, it might be time to reflect on some of the unintended consequences of QE, especially in some of the more vulnerable parts of the world. While decisions made by the constitutional court in Karlsruhe have implications for monetary policy in the eurozone - in particular the size and direction of ECB purchases - it is important to remember that the policies of the ECB and other global central banks don't just impact their fiefdoms. They have significant consequences throughout the world. The debate about the validity of QE will be one for future historians. But it is possible to draw some conclusions about how these monetary authorities' policies over the past decade have affected countries that aren't part of the decision-making process.