Vince Cable, business secretary, points to the success of quantitative easing in the UK as a means of staving off potential economic stagnation:
"We cannot and will not allow the economy to fall into a trap of stagnation.
"Where action is needed to sustain demand, and it currently appears to be, the best instrument available is the expansion of money supply through quantitative easing - though conditions may call for the use of more creative mechanisms designed to stimulate private credit.
"Quantitative easing does appear in the light of recent experience to work and to be quick acting.
"The excess inflation over target is explained by import prices and one-off tax increases and there is little sign of indigenous wage inflation which is below pre-crisis levels."