Since the global financial crisis (GFC) began five years ago, central banks have been in turmoil. How did that happen? Has something gone wrong with central banking?

The GFC was not actually a crisis. A crisis is short and sharp, whereas this episode is protracted. Instead of standing for the global financial crisis, the GFC could instead be termed the ‘global fundamentals check’, when an unsustainable boom in leveraged assets ended. The ‘nice’ times – non-inflationary continuous expansion – are