The current issue is that the monetary aggregate (M4) measure of lending to the private sector is at its lowest level in a decade, while inflation is more than double the BOE's target.

目前的问题是，衡量私人贷款的指标——货币总量(M4)正在十年以来的最低点，而通胀指数高出英格兰银行所预期的两倍。

youdao

We must start from the reverse side of the stimulus coin: the private sector is now spending far less than its aggregate income.

我们必须从刺激措施这枚“硬币”的反面开始：私人部门目前的支出远低于它的总收入。

youdao

In this post-financial crisis world, the Fed has taken a Keynesian edict and turned it on its head: instead of the government stepping in after a crisis to make up for the loss of aggregate demand from the private sector, it has fallen to central banks.

FORBES: 2013 Is Bernanke's Year: Unlimited QE And Total Control Of The Fed

But it may be worth remembering that the aggregate public-sector and private-sector indebtedness of the UK is higher than for any eurozone country, even Greece - and our annual government deficits are significantly greater than those of Spain or Italy.

BBC: Would euro solution be costly for Treasury?

What it would do is shift economic activity from the less productive government sector to the more productive private sector, thereby stimulating aggregate output and growth.

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