Policymakers from the Group of 20 nations and their market-based critics are missing the point about “exit strategies”. The G20 is right to announce that there will be no premature exits from macroeconomic stimulus and to reassure us that monetary tightening will be technically manageable. Yet, it is overlooking the more complex challenges that economic policy must confront as a result of the emergency measures undertaken since mid-2007.
20國集團(G20)的政策制定者及其以市場為本的批評者們沒有抓住“退出策略”的要領。該組織宣布，不會過早退出宏觀經濟刺激，并讓我們相信，貨幣緊縮在技術上是可以操作的。這是正確的。然而，該組織卻忽視了一點：由于自2007年中以來采取的緊急舉措，經濟政策必然面臨更為復雜的挑戰。
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