3 / 11  BIS central bankers' speeches  These four factors – the subdued global recovery, low investment, subdued wages growth despite low unemployment rates and low inflation – are the primary explanation for the very stimulatory policy settings in place globally (Graph 3).
The most succinct and lucid discussion of this general issue that I have come across is in a brief speech given just 2 weeks back by my US counterpart, Donald Kohn of the Federal Reserve Bank.