News and data flow this week makes it look like only a matter of time before the Bank of England Monetary Policy Committee extends its quantitative easing programme. Such are the bigger policy issues though – what actions the European Central Bank, and the G8 central banks, pondering for any intensification of the euro area crisis and the possibility of a Greek euro exit – that when the MPC does finally decide to extend QE it may have become a sideshow. Despite the decision in May to leave QE unchanged at Stg325 billion with an 8-1 margin, the minutes make clear that … “for several members, the decision not to expand ... (full story)