The fiscal measures focused on improving the balance sheet of the financial and corporate sectors as reflected in large scale bailouts in the US and other advanced economies. Reflecting such fiscal stimulus measures, advanced economies witnessed significant deterioration in their fiscal position as reflected in high public debt to GDP ratios (Chart 4). Let me now turn to the experience of EMEs.
BIS central bankers’ speeches  3  low – in other words, there was “excess elasticity” in the global credit supply.12 The intermediation role of European banks in the global dollar-denominated market before the crisis is a case in point.