Quantitative easing measures only delay an "explosion" in the long-term structural crisis. The side effects of these measures must be heeded by developed and developing countries, says a People's Daily article.

Here are excerpts:

The global financial crisis, which has lasted for six years, squeezes the macroeconomic policy of many countries.

Developed countries can only continue with tightening financial polices and super-loose monetary policies in 2013 amid a declining global economic environment, with many uncertainties.

The US Federal Reserve announced recently it will settle on a 6.5 percent jobless rate and 2.5 percent inflation rate as the quantitative criteria for new currency polices. Earmarking the unemployment rate as the objective for currency polices means the Fed does not have another way out.

On one hand, the banking industry cannot recover its normal credit functions. On the other, financial policies are held hostage by partisan politics. The Fed can only win more time for the banks and Congress.

Unemployment, especially structural unemployment, cannot be solved by currency policy. The quantitative easing measures are, to some extent, destroying the reputation of the banking industry in developed countries of stabilizing inflation for the past 20 years, as well as their independence from politics. The aftermath of the measures cannot be ignored.

Counter macroeconomic measures taken by developing countries do not demonstrate a common trend. Some emerging economies are taking active measures to prevent the further decline of their economies. China adopts proactive financial policies and stable monetary policies. Latin American countries adopt expansive monetary policies and stable financial policies. India, with deficits in its financial and foreign trade accounts, has limited policy space.

It is increasingly difficult to coordinate macroeconomic polices among different countries. The developed countries are simply blind to the spillover effects of their quantitative easing measures on developing countries. It will be a big challenge for developing countries to face up to the impact of developed countries' financial and monetary polices.