"Monetary policy remains the go-to policy tool in most countries, with cheap money and weak currencies becoming the main hallmarks of ostensibly aggressive countercyclical policies. However, the impotence of monetary policy in boosting growth and staving off deflationary pressures has become painfully apparent, especially when it is acting in isolation and when a large number of countries are resorting to the same limited playbook
The policy prescriptions for most economies remain much the same as in years past—a more balanced set of macroeconomic policies, accompanied by deep-rooted structural reforms. But few lessons seem to have been learnt and absorbed by national leaders, who continue to rely largely on the convenient but wobbly crutch of monetary policy."
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