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Additional resources for A Financial Crisis Manual: Reflections and the Road Ahead
Central banks led by the Federal Reserve and the Bank of England engaged in concerted efforts that served to both expand money supply, but, equally important, to warehouse assets via outright purchases that allowed price discovery at levels that broke the vicious downward economic spiral. Furthermore, in the United States primarily and the United Kingdom secondarily this Causes, Effects and Prospects of the Great Recession 15 was accompanied by upfront fiscal accommodation as well as rigorous bank recapitalization.
1). 50 Source: Author’s calculations. European Public Finances through the Crisis 27 More generally, the euro area has suffered from the absence of a coherent and credible economic strategy, including poor design and coordination of fiscal policies. After hesitating over the use of nominal versus structural targets, critics of the methodology used to calculate the structural efforts, the absence of guidelines regarding expenditure versus revenue adjustments and uncertainties around fiscal multipliers, governments are now turning around in the face of the need for a rapid pace of consolidation, at least when it comes to protecting public investment.
To avoid such an outcome, monetary policies will need to normalize sooner rather than later, we believe, spurring deleveraging and the implementation of growth-enhancing policies. A negative aspect of the debt-driven growth pattern is the weakness of investment, and in particular public investment. 2b). In addition to this declining trend, the cyclical retrenchment of public investment has been substantial in countries engaged in public finance consolidation policies in recent years, with major infrastructure or network projects downgraded if not scrapped.