Prudential regulation has received a careful overhaul based on experience from the most recent global turmoil. Fourth, the public defined-benefit pension system was replaced by a privately funded defined-contribution system, in which workers hold individual retirement accounts operated by specialized private asset managers. This has had the double effect of nourishing deeper capital markets while making the pension system sustainable in the long run.
The ideal scenario would some combination of measures that support growth in the short term, but do not put fiscal sustainability in the medium term at risk. When it became clear that fiscal policy had been exhausted and in some cases over extended, monetary policy had to step in. Interest rates in a number of advanced economies had already been cut to near zero.