My own view is that these policies provided meaningful support for demand, but that they should not be thought of as a perfect substitute for our  11  These issues were discussed by the FOMC at several points, especially during 2011 (see the 2011 FOMC transcripts, available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/fomchistorical2011.htm).
The ongoing globalization of the economy and financial markets, as well as advances in financial technology, cannot and should not be stopped, because they basically act to increase people's welfare through the efficient allocation of resources. Rather, in the globalized economy, it is important to ensure an environment where various markets can function fully, thus allowing resources to be allocated efficiently.