Global Growth Challenges: Horses For Courses

Global Growth Challenges: Horses For Courses

In the past eight years since the global economy suffered a financial heart attack that thrust it into a sharp, deep recession, economic policy has been in the spotlight and has been hotly debated, as governments and central banks have intervened in unprecedented ways and on an unprecedented scale to stabilize, stimulate, and refashion markets and economies. Gone, for now at least, are the days when macroeconomic policy was largely a fine-tuning exercise of central banks, and certainly gone are the days when markets could be assumed to be self-regulating. The recent slowdown in the global economy and recurrent bouts of market turbulence, giving rise to such policy actions as negative policy interest rates but also partly reacting to them, have caused renewed soul searching about appropriate policy choices. The growth and other challenges confronting the global economy demand policy action, but the policy debate is contested and contentious

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