 Risks include the policy being more effective than intended in acting against deflation (leading to higher inflation in the longer term), or not being effective enough if banks remain reluctant to lend and potential borrowers are unwilling to borrow.According to the International Monetary Fund, the US Federal Reserve System, and various other economists, quantitative easing undertaken following the global financial crisis of 2007–08 mitigated some of the economic problems after the crisis.It has also been used by several major central banks (Federal Reserve, European Central Bank and Bank of England) in response to the COVID-19 pandemic.