Having said that, let me return to a more global perspective, to make the point that sustainable growth over the long run has to rely on more than just monetary policy. Strong long-run growth won’t be achieved in any country simply by manipulating interest rates (or, for that matter, exchange rates).
Monetary policy’s main contribution over the long run is to provide a stable monetary standard. That is a necessary condition for strong growth but it is not a sufficient one. Nor will fiscal expansion serve as more than a temporary boost to growth. Indeed the limits to fiscal activism are surely all too clear in many countries now.