The abnormally expansionary monetary policies are a reaction to anomalies in other demand-side policies

It is important to understand that the anomaly of ultra-expansionary monetary policies in the United States, the euro zone and Japan is a reaction to another anomaly in demand-side policies , which weaken s domestic demand : In the United States and Japan, the skewing of income distribution to the detriment of wage earners; In the euro zone, Germany’s and the Netherlands’ excess savings, which are no longer lent to the other euro-zone countries. It would be far less dangerous to correct these anomalies in demand-side policies than to conduct such ultra-expansionary monetary policies.