First, the measures implemented since 2009 created an artificial stability and an asset price boom in many markets.

But the absolute rate of GDP expansion and level of price changes is inadequate to solve global debt problems.

Second, new initiatives seem the risky response of clever but desperate individuals who have run out of ammunition and ideas. The actions of central bankers reflect George Santayana's observation that "fanaticism consists in doubling your efforts when you have forgotten your aim".

Central to this debate is negative interest rate policy ("NIRP"), now in place in Europe and Japan and under consideration in many other countries. NIRP will not create borrowing driven consumption and investment which generates stronger growth. Existing high debt levels, poor employment prospects, low rates of wage growth and over-capacity have lowered potential growth rates, sometimes substantially.