With no risk of inflation, there’s no need to be coy about monetizing deficits A Holy Grail of policymaking since the end of the 1970s high-inflation era has been to stop turning public debt into interest-free money.

In emerging economies like India, where the idea made a late entry, this dogma is threatening to get in the way of mounting a robust response to the coronavirus.

The reluctance to surrender hard-won victories is understandable. Swapping the debt associated with grand anti-poverty programs with cheap-to-print currency used to have an irresistible sway.

The belief that only an Odysseus-like central banker can avoid being seduced by the politicians’ siren song and steer the nation to price stability wasn’t an easy sell.

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India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

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