Central banks in America and Europe have failed to deliver policies to relieve the world financial crisis. While they have printed money to buy time for the crisis to pass, politicians have wasted it by failing to implement spending cuts and structural reforms while waiting for a central bank magic wand.

<i>Policymakers have been relying increasingly on central banks and the printing of money during the never-ending world financial crisis.

Yet the days of easy money may be coming to an end. It is apparent that US and European central bankers Ben Bernanke and Mario Draghi are feeling less comfortable with the idea of an inflationary bubble. Their last statements have...

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Professor Enrico Colombatto
After those moments of confusion, the Fed made no mystery about its subsequent moves: it would print all the money necessary to bail out those actors that were simply too big to fail
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