8  Equally, just like it has not led to a strong build-up of price pressures in advanced economies, the prolonged period of stimulative monetary policies has not led to the kind of broad-based private sector (especially financial sector) leveraging that would threaten an early and abrupt end to what is now an extended period of economic expansion.
Admittedly, in some large emerging countries, in particular in China, private sector liabilities have risen sharply in the past decade as a share of GDP, raising the risk of a future adjustment that may, at some stage, have adverse consequences on not just local but also global economic growth.