(Harvest) Central banks’ monetary policies – zero or negative interest rates and bond purchases – are losing their effectiveness. Earlier this year, the G-20 country leaders stated that “monetary policy alone cannot lead to balanced growth” and advocated that governments add fiscal stimulus. It was followed by similar language from the IMF. Most recently, the G-7 leaders agreed at their meeting in Japan at the end of May that they would use “all policy tools – monetary, fiscal and structural… to strengthen global demand… while continuing our efforts to put debt on a sustainable path.”