Adair Turner on Quantative easing

"When economists of the calibre of Simons, Fisher, Friedman, Keynes and Bernanke
have all explicitly argued for a potential role for overt money financed deficits, and
done so while believing that the effective control of inflation is central to a well run
market economy – we would be unwise to dismiss this policy option out of hand.
Rather, we should consider whether there are specific circumstances in which it
could play a role and/or needs to play a role, and even if not, whether exploration of
the theory of money and of debt helps us better understand the problems we face,
problems that may be addressed by other policy tools.
In this lecture I will therefore address both appropriate targets and appropriate tools,
and will consider the full range of possible tools. But I will also stress the need for us
to integrate issues of financial stability and of macroeconomic policy far more
effectively than mainstream economics did ahead of the crisis".

http://www.fsa.gov.uk/static/pubs/speeches/0206-at.pdf