Since the Keynesian revolution, monetary policy is a growing mission, but these additional policy objectives, not only difficult to achieve, and may undermine the efficacy of monetary policy. Therefore, the history of salvation of the global economy of monetary policy is difficult to repeat itself, the effect of loose monetary policy V2.0 may be weaker than expected, the persistence of the global economic cooling can not be ignored.
 
Although most people understand "the two will not step into the same river" philosophy; but the world it is always easy to believe in something eternal, such as love, such as interest rate cuts. Accompanied by a sharp deterioration in the second half of the debt crisis, the panic of 2008, quietly copying, the era of global easing monetary V2.0 to allow the market to help produce a successful replication of the association of the world's loose monetary policy V1.0. The recent past, the world's loose monetary policy V1.0 turn the tide in both the fall, the market life and pulled away from the subprime mortgage crisis of epic proportions.
 
There is no doubt that the crisis disgusting, and the stock market is plummeting even more unbearable, it is excusable on the policy of redemption was full of hope. However, monetary policy's success can be copied, but it does not depend on the wishes of the people. To put it bluntly, a simple copy of the crisis, but not necessarily to save the economic decline of the loose monetary.
 
People want to believe the eternal, history never simple repeat. Love is not eternal, because everyone in the change; policy is not eternal salvation, because the policy itself is changing. If three or four years ago, after the subprime mortgage crisis easing V1.0 is the original purpose of easing after the 2012 debt crisis in Europe V2.0 is the alienation. This alienation is to break through the traditional connotation of the objectives of monetary policy in the context of the crisis connected to the crisis to expand.
 
In the United States, monetary policy alienation performance as a policy objective "passive expand." , We can find the market and the news media almost repeated inquiries and to discuss a problem: QE3 will not launch? After the release of each high-frequency economic data in the United States, Europe, every sign of trouble after a little attention, even China each times the stock market lows record is refreshed, the market will always be mechanically increase the vision for the force of U.S. monetary policy. From the U.S. perspective, the line of sight of the Fed's policy may no real sense of the relocation, the only goal of price stability and economic growth in the United States has always been the policy menu on Bernanke; but from a global perspective, the Federal Reserve concerned about the line of sight is far beyond the scope of the continental United States. In a sense, the leader in the performance of the Fed to save the subprime mortgage crisis, the monetary policy of the United States market passive given the "maintain the confidence of the global economy," the additional targets. But this passive expansion of the policy objectives, but difficult to achieve: on the one hand, the Fed is the central bank of the United States, along with the shock the heart of the financial crisis, the shift from America to Europe, the Federal Reserve monetary policy on the development effort to lead the initiative significantly reduced; the other hand, QE3 QE3 of the United States, in view of the second quarter of 1.5% economic growth rate exceeded market expectations and the Fed in this year's overall performance relative strength of the high cost of QE3 is not necessary for the United States. It is worth noting that the passive expansion of the policy objectives, in essence, reflects the overdraft and the inability of the second crisis in the context of the global aid policy, and the quiet rise of the U.S. economic and financial position and the international monetary system, a wide range of potential counter-current, all of which poses a new risk of future global economic recovery.
 
Alienation of the performance of monetary policy in Europe, as a policy goal of the initiative to expand. " As the independence of the world's most famous central bank, the ECB has always placed high expectations of inflation killer. Repeated, but repeated in the European debt crisis escalated, becoming out of control context, the ECB will not only be the benchmark interest rate fell to a record low, showing a high degree of preference for the economic growth target, but also to further the policy objectives of the initiative to expand to "maintain the stability of the monetary integration ", Draghi said bluntly" will make every effort to sworn security euros. Although the available monetary policy instruments, the European Central Bank is more than the Fed brand out, but the effect of monetary policy can play a stable single currency area in the order, but also there is considerable doubt: on the one hand, this is quite a headache to treat the foot means that the stability of the euro area financial integration of propulsion and the substantial progress of fiscal consolidation; the other hand, this implication of the end of their rope, Mario Draghi remarks like Sword, specifically, how a sword no clues. More noteworthy is that the European Central Bank policy objectives of the initiative to expand from one side to reflect the situation in Europe in the ultra-conventional evolution, which suggests that the crisis continues and the long-term economic decline may exceed market expectations.



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