What matters most is the gap between long-term interest rates and potential growth

The more or less expansionary nature of monetary policy can be seen from the gap between long-term interest rates and nominal potential growth.  It is this gap that determines the sustainability of the debt and the valuation of financial or real estate assets . By using this criterion when comparing the largest OECD countries, we see that monetary policy is currently: Very expansionary in the United States, Canada, the United Kingdom, Germany, Sweden and Australia; Quite expansionary in France, Spain and Japan; Not expansionary at all in Italy.