And digital technologies can be key drivers of financial inclusion in less developed countries. In Kenya, for example, the share of people with a financial account rose from 42 % in 2011 to 75 % in 2014. Over the same period, the respective global figure rose from 51 % to 61 %.
27 This prompts a more delicate question about how much heavy lifting monetary policy should actually do.28 Most countries have some automatic fiscal stabilizers in place, such as unemployment insurance or a progressive income-tax schedule, which help during a downturn.