Central banks have been able to play a stabilising role first against the forces of the financial collapse and then supporting a recovery of the real economy. But the central banks cannot repair the balance sheets. They cannot consolidate the public finances. Central banks cannot implement the structural reforms. Everyone has to take his or her own responsibility.
BIS central bankers’ speeches  3  We need more growth. How can we achieve it? The pace of recovery in advanced economies has been disappointing. Still between 2001 and 2007, they grew 2.3%. Between 2010 and 2012 annual average was 1.3 %.