This would have been a vital development for world economy and at the same time, an important proof that, even with a restrictive fiscal policy, monetary policy can play a decisive role in generating a meaningful recovery and getting firmly away from the LB. This would be a relevant disproval of the more sombre views about the world economic system and monetary policy.
Although this possibility is still very much alive, it has apparently been delayed by some mixed results since the fourth quarter of 2015. Turmoil in financial markets and the external environment seem to have affected the economy.