With the current policy mix in OECD countries, governments and central banks are prioritising the short term

In OECD countries, t he highly expansionary policy mix (fiscal and monetary policies) is prolonging the growth period by attracting more people to the labour market and by keeping all groups of economic agents solvent. But, in favouring the short term, governments and central banks have chosen to ignore the risks to the long term: the irreversibility of the expansionary polic ies , asset price bubbles, the impoverishment of pensioners, poor investment choices, the excessive incentive to use the leverage effect. This short-termism on the part of governments and central banks is worrying .