For the decade after the 2008/2009 financial crisis, many commentators pointed out that monetary policy had become the “only game in town”. With governments concerned to repair their own balance sheets as tax revenues collapsed following the financial crisis, it was left up to central bankers to try to stimulate the economy through cheap money and unconventional asset-purchase programmes. The gargantuan fiscal stimulus package that will soon pass the US Congress will end this regime. The shift will have significance far beyond America’s borders.
在2008年至2009年金融危機之後的10年內，許多評論者指出，貨幣政策已經成爲「唯一的選擇」。隨著金融危機後稅收崩潰，政府的重心放在修補它們的資產負債表上，只剩下央行銀行家試圖通過廉價貨幣和非常規資產購買項目來刺激經濟。美國國會通過的鉅額財政刺激計劃將結束這種機制。這種轉變的重大影響將遠超出美國本土範圍。
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