The change of course in the monetary policies effected by the central banks of the advanced countries must be seen, I believe, from this perspective too. I would like to conclude with a methodological consideration. Paradoxically, a book that has fuelled the debate on monetary theory and policy like few others is neither a theoretical book nor a manual containing policy prescriptions.
Although we have been warned about such developments for many years, the difference is that today those projections are becoming reality. 1  See Congressional Budget Office (2010) and Committee for a Responsible Federal Budget (2010). 2  See National Commission on Fiscal Responsibility and Reform (2010).