Roubini warned ten drawbacks of QEs in this article.. I think this is a bit one-sided, because without QE the situation could have been worse with negative output gap and prolonged recessions.
But he has the case. The key question is how to rebuild and bring back the economy to a sustainable path through medium-term growth strategy and structural reforms, while buying time through monetary policy. This is a considerable challenge, because, for one, excessive reliance on money financing could dis-incentivize the government to tackle such challenges. Another complication is that you never know what "medium-term" means in practice and thus, policymakers could either (i) tackle the challenge too harsh and damage the still fragile economy further; or (ii) delay the badly-needed reforms.
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