We have done all we can, now it's your turn. That was essentially the message from the world's central banks to Western governments, as communicated by the latest annual report of the Bank for International Settlements.

Since the global financial crisis began, central banks have massively expanded their balance sheets, helping avert a second Great Depression. But the BIS now fears that ultra-loose monetary policy is reaching the limits of its effectiveness and may now be doing more harm than good.