Friedmanite monetary policy has run out of steam, too. Near-zero interest rates implemented by central bankers in Japan and Europe did succeed in keeping the biggest banks solvent in the 2008 financial crash. But after eight years of ultra-low interest rates, the policy is now a threat to the financial system. The low rates constrain bank profits, particularly in Europe, which means that the banks cannot meet the capital reserve required by regulations imposed in the aftermath of the 2008 crash. [78]
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