Another quote about the development following the global financial crisis GFC. > Once the financial boom turned to bust, they naturally pulled out all the stop

Another quote about the development following the global financial crisis GFC. > Once the financial boom turned to bust, they naturally pulled out all the stops to support the economy, just as public finances came under serious strain. Central banks’ concerted efforts arguably avoided a repeat of the Great Depression. Moreover, their subsequent, very accommodative stance helped lay the basis for the global economy’s recovery while contributing to the gradual convergence of inflation towards objectives. Still, with the burden of the recovery largely on central banks’ shoulders, the extraordinary and protracted low interest rates, combined with the unprecedentedly large balance sheets, have been one factor behind the legacy of higher debt that shapes the road ahead. This is deeply ironic: high debt was a key cause of the GFC but, since then, debt has continued to rise globally.