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But Asia also benefited from a deep appreciation of the limits of policy.
The "post-WWII arrangement" that has long defined the limits of policy will pass; and something new will take its place.
Christine Bronstein: What are the limits of policy reform?
It is very likely that today's conventional wisdom too concerning the limits of policy initiatives will be radically altered as the economy continues to fail.
The reason, I believe, is that these meetings and plans revealed the limits of policy, typically because of disagreements across countries.
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The question is whether Mr. Draghi, 63, can satisfy his competing constituencies as he confronts a euro-zone crisis that keeps testing the limits of policy-making.
Dan Dunmoyer, an insurance industry lobbyist in Sacramento, noted that since the early 1990s, insurance companies have been required to make fuller prior disclosure of the limits of policies.
The contributors discuss the complex role of the financial sector, the relative roles of monetary and fiscal policy, the limits of monetary policy to address financial stability, the need for fiscal policy to play a more active role in stabilization, and the relative roles of financial regulation and macroprudential tools.
Until they recognize that foreign policy sets the limits of domestic policy, they will never compete with the exigent reasons a party for war can manufacture with the greatest of ease.
"Taking due account of the uncertainties and limits of its policy tools, the Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery".
"Taking due account of the uncertainties and limits of its policy tools, the Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com