Its efforts to cure deflation over the past 15 years have too often been timid.

There are signs that Europeans understand this better than their timid leaders.

"Workers should not hold back from trying to improve their office environment," Mr Sallabank said.

In India and Brazil it is no longer retrograde to argue that state-controlled banks should help counteract the economic cycle.

But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions - that time has surely passed.