China’s latest interest rate cut shows Beijing’s willingness to contribute to global efforts to ease credit in response to the slowdown induced by the eurozone crisis – just as it did four years ago after Lehman Brothers collapsed. Unfortunately, its results are unlikely to have the same impact as in 2008-9.

The wave of credit released then by China and other emerging economies washed around the globe, boosting demand for Chilean copper, German cars, and luxury property from Hong Kong to Rio de Janeiro.

Now the world can no longer count on emerging markets to deliver the same. Many have less room for financial manoeuvre owing to the after-effects of the post-2008 easing, including higher levels of credit, fears of real estate bubbles and bad loans, and a legacy of unprofitable boom-time investments.