No More Policy Bullets

"Every time we had an economic downturn and a market downturn, we had all the policy bullets, we'd take another policy rabbit out of the hat and try to restimulate the economy and the market, but this time around we'll have fiscal austerity throughout advanced economies, our ability to backstop banks and financial institutions is limited by the fact that there is resistance to it (and) not every country can weaken their currency." - in the Ambrosetti Forum