What will policymakers do when the next crisis hits?

There will undoubtedly be other crises in OECD countries, whether they be public health, climate, financial or simply cyclical crises. This raises the question of the eventual economic policy response. After the subprime and COVID crises, and all the more so as central banks no longer dare to raise interest rates and myriad new public spending needs have arisen, public debt ratios and quantities of money have become huge and will remain so (despite below-growth interest rates in the case of public debt ). In the event of another crisis, w ill governments be able to increase public debt further? Will central banks be able to increase the size of their balance sheets further, or will this be impossible because of the risk of flight from money and runaway growth in asset prices? If economic policies no longer have the capacity to respond, then they will no longer be able to contain the fall in activity in the next crisis.