Before the Lehman shock, the prevailing view among academics and the authorities was that aggressive easing after the bursting of bubbles could prevent a serious economic downturn. I myself had felt uncomfortable with such a view based on my experience following the bursting of bubbles in Japan. In the end, the Lehman shock crushed this optimistic view.
Recently, differences in growth have also started to appear across the advanced economies. While the economic outlook for the United States and partly for Europe has improved, prospects have remained very weak for some European countries.