We are living in extraordinary times. The next few months and years will witness and confirm whether an unprecedented monetary expansion without limits imposed by Central Banks and the subsequent desperate search for yield and a credit expansion without limits will go down in history as a stroke of genius or a reckless gamble.
To start my brief concluding remarks, I would like to give the necessary credit to the Central Banks for their bold and decisive actions during the Global Financial Crisis of 2008 and the European Government Bond Crisis of 2012. Borrowing the words form Mohamed El-Erian “Central Banks, acting boldly and innovatively in the midst of the massive financial crisis, helped the world avert a multi-year depression ...
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