BOE's Carney Gets Crushed by the Markets

The transcript discusses the Bank of England's QE program, market concerns about its efficacy, and liquidity issues. It explores the potential need for more stimulus and the effectiveness of different QE programs. The discussion also covers the transmission mechanism of monetary policy and its impact on the market.

What does the speaker mean by the 'transmission mechanism' in the context of monetary policy?

In what ways might the current QE program differ in effectiveness compared to previous programs?