Bank of England Monetary Policy Committee member David Miles said that the central bank's monetary policy has helped prevent further deterioration of the UK's economic situation.
"Monetary policy cannot solve all our problems. But it has helped prevent a much worse economic situation," Miles wrote in an op-ed in the Daily Mail newspaper.
"It can encourage recovery and lessen the consequences of a much sharper economic rebalancing," he noted.
Defending the central bank's quantitative easing programs, Miles said though annuity rates have fallen by around one percentage point since asset purchases started in March 2009, it is not right to assess the impact of QE by just focusing on the cost of annuities.
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