It is possible to argue that a central bank following a narrow inflation-targeting approach could have waited longer before raising interest rates. But that view supposes a rather mechanical and short-term approach. At the risk of labouring the point, our approach has never been like that, and isn’t now.
It has also moved millions of people out of poverty. Since the crisis, trade has generally lagged behind output growth. Some economies have borne the brunt of open trade. A number of them have been running a persistent trade deficit and have been facing intense competition. We have also witnessed scenarios of protectionism resulting in an increase in non-tariff barriers.