>Have the central banks saved us from the crisis, or caused it?

The behaviour of the central banks of major OECD countries since the start of the crisis has led to opposing comments: for some, thanks to them the global economy has avoided a deflationary collapse; for others, they have put in place the conditions for the next financial crisis through the adoption of incredibly expansionary monetary policies, exacerbated by the reaction of emerging countries to the dollar weakness this has caused.

So, have the central banks saved the planet, or have they condemned it to another crisis? We believe that both theories are true, on different time horizons, and that, as in the past, central banks are unable to exit quickly enough from the excessively stimulating policies justified by the crisis.

To read the full report: BEHAVIOUR OF CENTRAL BANKS