"But there is also a growing sense (in Britain) that, with interest rates already at a record low (.5) and the economic effects of the central bank’s asset purchases unclear, monetary policy is becoming less effective as a means of stimulus.
Instead of central bank stimulus measures, some economists favor a slowdown in the pace of large government spending cuts intended to reduce the country’s budget deficit." NYT Oct 18
This economist agrees, but more is needed. When will central banks make interest-free loans to the country to create jobs in public works, etc.? The problem is weak consumer demand.