How the phrase quantitative easing was invented

The economist Professor Richard Werner has explained how he came up with the phrase quantitative easing.

He told BBC Radio 4's Analysis programme he first used the phrase in an article he wrote for a leading Japanese newspaper 20 years ago.

Professor Werner said Japan's central bank subsequently used the phrase when it started printing money to get it out of a period of deflation following its asset bubble collapse in the 1990s.

However, the bank's version of quantitative easing turned out to be very different from his original definition.