Despite consistent economic growth and a huge monetary stimulus, however, living standards have been under pressure ever since the financial crash of 2007-09.

Indeed, that's in part the purpose of monetary stimulus, to support consumption.

Irritating, but thank heavens it has proved possible to maintain monetary stimulus without a more alarming price spiral.

Financial markets are positioned for material monetary stimulus.

This monetary stimulus should eventually feed back into exports and consumption - and could generate a surge in economic activity.