Can the global economy grow only with very expansionary monetary and fiscal policies?

- "We fear that the nature of economic cycles has changed significantly. In the past, they were linked to the appearance of inflation and restrictive monetary policies at the end of the growth period. At present, it seems that growth exists only when all economic policies are very expansionary, and that the return to "normal" policies triggers a recession. Could the world experience growth only as a result of abnormally expansionary economic policies, with a high level of indebtedness and a subsequent increase in private savings?"

Natixis Flash Economics 441 20100907

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