But the efforts have not quite borne fruit as many of these countries have not yet reached anywhere close to pre-crisis growth rate. Japan has, in fact, entered its third “lost decade” and is still stuttering to find growth.
Moreover, as is being proven now, loose monetary policy is like “Chakravyuha”, the famous battle formation in the epic “Mahabharata” where it was easy to enter, but difficult to exit. 13. Let me now turn to the reforms aimed at the banking sector. Global reforms 14. The banks in Europe and the USA entered the financial crisis with highly –leveraged balance sheets.