The biggest challenge is that any increase in indirect taxes affects the price of goods and services.
However, higher interest rates would help to decrease inflation with consumers tending to save more and for demand to fall. An interest rate increase is essential, but the current rate of 0.25% is necessary for economic growth to occur due to Brexit uncertainties, so the Monetary Policy Committee's decision is justified- for now.
Reforms for economic recovery usually take the form of a reduction in regulations and the removal of economic distortions in the market.
Mark Carney has suggested that an independent Scotland may need to raise at least £10 billion, requiring massive cuts or
Mario Draghi reminded everyone gathered in Frankfurt and listening in around the world that it is not the ECB's decision as to whether to go ahead with asset purchases. Firstly, Eurogroup leaders would have to vote on it.
George Osborne has been urged to consider appointing female economists to the Bank of England's entirely male monetary policy
In Europe, the pace has been considerably slower still. According to the Financial Times (2014.01.05) analysing a leaked proposal of the European Commission with a "narrowly defined version of the US Volcker rule" the official calendar expects an agreement no sooner than December 2015, the dates of its real implementation being anyone's guess.
Today we face grave new threats to our security, the most urgent and costly of which is the need to transform our economies away from fossil fuels and excessive consumption. That is why its time to talk about, and talk up, monetary reform - to ensure that the public good that is our money system once again serves the interests of wider society, not just those of private wealth.
The Bank of England has kept interest rates at their historic low of 0.5%, making it nearly five years since they last changed
With pressure from a skeptical Senate to wind down QE, and next January's FOMC voter rotation bringing in many new hawks, it seems likely the data would have to become truly appalling before we saw an increase in QE.