A licence to print money?

The man who invented the term QE says it won’t work for Europe – at least, not the way the ECB wants to do it

Barry J Whyte

Chief Feature Writer @whytebarry
22nd December, 2014
A licence to print money?

If quantitative easing – which is ending in the US and about to begin in the eurozone – seems like an odd, clunky phrase, that’s because it is. It was coined in the mid-1990s by German economist Richard Werner, and is a literal translation of the Japanese for quantitative monetary easing – ryoteki kinyu kanwa.

Werner was working as an economist in Japan through the 1990s, a period of protracted recession for...

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