More from Merve: No one on MPC believes that QE is of itself less effective

Well that’s a relief…..

• But circumstances of when QE is conducted do affect its effectiveness
• Monetary policy cannot stop necessary adjustment of economy forever
• We have made absolutely no decision at all not to have asset purchases as main instrument in future
• G20 MEXICO DISCUSSIONS DID NOT SUGGEST WORLD ECONOMY GOING IN A GOOD DIRECTION (well there’s a shock)

That’s enough already…….