In the rest of my remarks, I will first discuss some of the hypotheses put forward in the literature to explain the determinants of this prolonged, low-growth period, sometimes characterised as a global liquidity trap. I will then review some of the proposed measures to exit from the liquidity trap, including fiscal and structural policies.
While each of these measures has specific benefits, they also all have limitations or are subject to constraints. Against this background, it is important to emphasise that, while having to resort to nonstandard tools, monetary policies also remain effective in fighting the global liquidity trap  1  Hyman P. Minsky (1994), “The debt-deflation theory of great recessions”, Hyman P. Minsky Archive Paper 159.