In order to stop the economy from plunging into what might have been a downward spiral, the bailout was accompanied by fiscal stimulus packages and a resolute monetary policy response. As a result, we managed to avoid a prolonged deflationary economic slump reminiscent of the Great Depression of the early 1930s.
This also garnered central banks a great deal of praise on the international stage. Extraordinary circumstances require extraordinary measures. But their risks and side effects should not be ignored, particularly when looking at the longer term.