First published: The Times, 16/11/2009
A year after the global economy fell off a precipice, we can take comfort that the extreme actions of governments and central banks have stabilised the financial system and brought about a sort of economic recovery.
Most big advanced economies have already turned around and the laggards, including the UK, will be among them soon.
However, although anti-cyclical and monetary reflation programmes are generating some short-term growth, they are irrelevant to the structural changes needed for a new expansion. Without these….more