Recognizing this, the participants at the October G-7 meeting shared a strong sense of crisis and confirmed that each member country would promptly implement necessary policy measures with determination, in order to ensure the stability of global financial markets and confidence in the financial systems.
In the United States, this era is called the “great inflation”, which was followed in the mid1980s by the “great moderation”, a period of moderate inflation rates and dampened economic cycles. And, then, along with the “great financial crisis” came the “great recession”. “Great” is a famously popular, not to say overused adjective on the other side of the Atlantic.