The limits of Quantitative Easing Monetary Policies: how to overcome them?[Les limites des politiques monétaires accommodantes : comment les dépasser ?]

The Quantitative Easing Monetary Policies, implemented after the financial crisis of 2007-2008 were generally limited in their expected effects on growth, unemployment, inflation and exchange rates. Countries such as the USA, Great Britain and China, who were the most significantly ahead in heterodoxy by massively creating "new" money, obtained better results than those in the Euro zone, who could not create directly new currency, because of the rules laid down by the ECB. Based on this empirical observation, we analyse the theoretical foundations of Q.E monetary policies and show, contrary to generally accepted opinions, that the break away from monetarist orthodoxy and neo-liberal policies has not been complete. By adopting an institutionalist and regulationist point of view on money, we propose macroeconomic policies that could overcome the current economic crisis, while addressing the structural challenges of the energy transition and the digital economy.