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Switching to the dollar is a step taken when a country has lost monetary control and is suffering runaway inflation.
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Many at the bank are still sore that the defender of the D-mark has lost its grip on monetary policy, ceding it to a bank that only partly follows its thinking.
But changing the name does not change the essential fact — namely, conventional monetary policy has lost effectiveness.
Six rate increases in less than a year, to little obvious effect, have left economists and analysts fretting that monetary policy has lost its punch.
Several economists have voiced concerns that monetary policy has lost its potency and is unlikely to prevent a slide in global growth this year.
Carney rebuffs the charge that monetary policy has lost its firepower, but he too has made clear that central banks alone cannot be relied on to shore up the economy and that government action is needed too.
Meanwhile, the Bank of England's monetary policy committee has lost control of inflation.
The government has won praise from the International Monetary Fund, but the nation has lost thousands of jobs as the previously sheltered economy has been liberalized.
Strauss-Kahn has said that he is guilty of only a "moral failing," and he has lost his job as the head of the International Monetary Fund, and his chance of being the next President of France.
The NBU is no longer in control of the monetary and financial situation because it has lost its independence.
Well, my definition of a liquidity trap is, purely and simply, a situation in which conventional monetary policy — open-market purchases of short-term government debt — has lost effectiveness.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com