On the face of it, it might look like major economies have not yet reached the stage of debt monetisation. Where central banks are buying government bonds, it is on the secondary market, is supposed to be only temporary and the primary aim is not to fund government borrowing. But in terms of their macro-economic effects, debt monetisation and the current situation basically amount to the same thing. Accordingly, debt monetisation is not a magic tool which policymakers have yet to deploy and can whip out as a last resort.
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