In this context, the use of unconventional policy tools to circumvent the effective lower bound did succeed in lowering longer-term interest rates, flattening yield curves and compressing risk premiums; yet it failed to lift most countries out of their low-growth, below-target inflation paradigm.
Don’t get me wrong: good work needs to be rewarded with good money. Yet to be good, work has to be sustainable and responsible. 6. Conclusion  Let me sum up: First, ending too big to fail is not everything. But without ending too big to fail, all comes to nothing. Rather than intervening in financial institutions’ business structures, I prefer credible resolution systems.