Such regimes could have a mix of control, regulatory and liberal elements as appear most appropriate from time to time, to the national authorities who are accountable to the people for possible crises. In such a mix, there is merit in avoiding controls, but taking recourse to regulatory measures, while pursuing the liberalisation objectives.
Finally, and importantly, expectations of higher growth should help increase inflation expectations towards a range consistent with the Fed’s mandate. This keeps real interest rates down, which encourages investment and spending. Of course, the exact impact of the program is hard to discern as QE2 is not the only news in financial markets.