Better not push on a string

Deleveraging will delay global economic recovery, so we have to find new ways to move out of unbalanced growth models

It appears that the world economy is tottering back into recession again despite the efforts of countries since the 2008 global financial crisis. A look at developed nations and emerging economies both gives the general feeling that the world economy is expected to continue its slowdown, and many forecasts of long-term growth have been dropping.

Responding to the crisis, central banks in the United States, and the United Kingdom and other European countries have almost exhausted their conventional and unconventional arms - from pushing interest rates close to zero to adjusting policy targets from inflation to growth and "creating" money by implementing quantitative easing.