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Is the world stuck with low growth?

While there is evidence for secular stagnation, it's clear the recovery from the global financial crisis was always going to take a while

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Even where considerable progress has been made, bank caution persists. For example, although credit is growing in the US, it has not picked up significantly in the crucial housing sector.

FINANCIAL repression has intensified since the beginning of the year, with interest rates falling significantly around the world.

At the latest count, 21 central banks have cut policy interest rates in 2015, and long-dated yields have fallen to unprecedented levels in the eurozone.