15 quotes on quantitative easing and the global economy

Below are key quotes from the Davos 2015 session Ending the Experiment, which asked: how are major markets responding to the end of quantitative easing and the prospect of higher interest rates in the United States?

Some of the quotes were condensed for publication on Twitter.

“Massive progress has been made in the last five years. More progress has to be made in terms of fiscal union and banking union.”
Christine Lagarde, Managing Director, International Monetary Fund

“Deflation and secular stagnation are the risks of our time.”
Lawrence Summers, Charles W. Eliot University Professor, Harvard University, USA

“I am confident that Europe can make it.”
Ana Botín, Chairman, Banco Santander, Spain

“Forceful QE and forceful structural reforms, including currency adjustment, are what is needed.”
Ray Dalio, Chairman and Chief Investment Officer, Bridgewater Associates, USA

“We’re in a currency war. One of the easier ways to stimulate your economy is to weaken your currency.”
Gary D. Cohn, President and Chief Operating Officer, Goldman Sachs, USA

“Fiscal policy is not a panacea; it must be used with monetary policy.”
Ray Dalio

Banks as transmission mechanism for monetary policy is broken. Ana Botín #wef15#futurefinancehttp://t.co/8KOQi1vOzS

— World Economic Forum (@Davos) 22 Janvier 2015

Macro&micro policies important 2create jobs & demand in face of political&economic uncertaintiy Ana Botín #wef15 #futurefinance

— World Economic Forum (@Davos) 22 Janvier 2015

 

In global economy prevailing view is a lower currency is economical advantage Gary Cohn #wef15 #futurefinance http://t.co/8KOQi1vOzS

— World Economic Forum (@Davos) 22 Janvier 2015

Entrepreneurship in #US is 2x rate of elsewhere Ray Dalio #wef15 #futurefinance http://t.co/8KOQi1vOzS

— World Economic Forum (@Davos) 22 Janvier 2015

Av cost of southern euro worker is 2x av cost of US worker. Potential to make Europe more efficient #wef15 #futurefinance

— World Economic Forum (@Davos) 22 Janvier 2015

Europe is making progress and we have what it takes to create real currency union. Ana Botín #wef15 #futurefinance http://t.co/8KOQi1vOzS

— World Economic Forum (@Davos) 22 Janvier 2015

Europeans are not at stage of common fiscal policy, but there’s progress&potential. @lagarde #wef15 #futurefinance http://t.co/8KOQi1vOzS

— World Economic Forum (@Davos) 22 Janvier 2015

If Europe is going 2 grow, business must pull its weight. It must create jobs. Gary Cohn #wef15 #futurefinance http://t.co/8KOQi1vOzS

— World Economic Forum (@Davos) 22 Janvier 2015

Central bank, business, politicians must rally cooperatively to create growth. @lagarde#wef15#futurefinancehttp://t.co/8KOQi1vOzS

— World Economic Forum (@Davos) 22 Janvier 2015

Image: Christine Lagarde, Managing Director, International Monetary Fund (IMF), Washington DC; World Economic Forum Foundation Board Member smiles during the session ‘Ending the Experiment’ in the congress centre at the Annual Meeting 2015 of the World Economic Forum in Davos, January 22, 2015. WORLD ECONOMIC FORUM/swiss-image.ch/Photo Valeriano DiDomenico