Six years have passed since the financial crisis in the high-income economies became evident. Five years have passed since the failure of Lehman Brothers unleashed turmoil. Four years have passed since the discovery of Greek statistical malfeasance launched the eurozone crisis. So where is the world economy?

Start with a truth too easily forgotten: the state of the high-income economies remains extraordinarily feeble.

The four most important central banks – the Federal Reserve, the European Central Bank, the Bank of Japan and the Bank of England – all have short-term interest rates of half a per cent, or less. These rates have remained extremely low for four years, or more. The Bank of Japan’s rates have remained ultra-low since the mid-1990s.