Central banks could continue to plug the funding gap, but only at risk of increasing encumbrance and long-term addiction.

WSJ: Agenda: Basel III��Don't We Have Enough Problems?

But because banks are using central-bank liquidity to plug holes in their short-term funding, the money multiplier is collapsing: even as reserves swell, broad-money and credit growth is wilting.

ECONOMIST: Policy in a recession

However, there are suspicions that the money is being deliberately kept back to help plug gaps in the central budget.

ECONOMIST: Economic and social reforms remain incomplete