I would like to thank the Banque de France for inviting me to take part in what I expect will be a lively discussion. The suddenness and severity of the global financial crisis forced policymakers to respond rapidly and creatively, employing a wide range of macroeconomic tools--including both monetary and fiscal policies--to arrest a steep economic downturn and restart the global economy. Given the slow and unsteady nature of the recovery, supportive policy remains necessary. Today I would like to briefly review the evolution of monetary and fiscal policies following the global financial crisis both in the United ... (full story)