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The low-for-long era is over. BoJ and ECB both changed their mantra

from whatever it takes to less is more targeting steeper yield curves 
and the transmission mechanism of stimulus to the real economy, 

Monetary stimulus without appropriate fiscal action 

encouraged misallocation of resources to zombie firms and banks that should otherwise restructure;

created asset bubbles in high dividend equities, property and precious metals, as well as art and collectibles; 

and widened the gap in relative wealth between the haves and the have-nots.

Alberto Gallo, FT 27 December 2016

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