Lagarde said loose monetary policy (money printing) could support where inflation remains in check but emerging nations should be careful of credit bubbles.
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Emerging Credit
"Monetary policy can also support growth where inflation remains in check—as is the case at present in virtually all advanced economies," Lagarde said.
"For emerging economies, a bit more caution is required, especially if rising oil prices and extended credit booms begin to test the bounds of inflation.
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A US economic and credit bubble crashed in 2007 following years of state intervention to keep interest rates low by printing money by the Federal Reserve, amid a large deficit to fight wars.
Classical economists have said that that Europe, in a bid to not let the Euro appreciate too much to pander to exporter interests, also printed too much money and fired a bubble.
Only countries like Australia and Canada which kept interest rates high despite pressure from exporters and other and allowed s