But the lack of fiscal support for demand in recent years also helps account for the weakness of this recovery compared with past recoveries. 1 In the United States, fiscal policy has been much less supportive relative to previous recoveries.
It therefore  BIS central bankers’ speeches  1  appeared as if our concerns about a possible increase in market volatility may have similarly been misplaced. But as has become such a regular feature of financial markets, things were not as benign as they seemed.