Interest rates across advanced economies will be kept at record lows while emerging markets like Brazil and China will engage in fiscal and monetary easing.

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Monetary and fiscal easing should make this less painful, but this deleveraging still has years to go.

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They all advocated some combination of monetary easing and fiscal stimulus to prevent such declines.

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The Crisis countries have achieved substantial current account surpluses, making possible a significant easing of monetary and fiscal policies.

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The trouble, however, is that monetary and fiscal policies are maxed-out from previous easing, so there is very little, if any, policy makers can do to help the economy grow.

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It seems certain that the Federal Reserve will continue to accompany fiscal stimulus with the monetary equivalent in the form of near-zero interest rates and further quantitative easing.

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