Harsh and I have co-authored a piece on why bottom-up structural reforms rather than continuous monetary stimuli is necessary for the world economy:
It is important to understand that structural reforms—especially in the labor markets like more freedom to hire-and-fire—combined with limited stabilizers like a minimum income program is a better way for a civilized society and state to take care of those who fall through the cracks instead of constant fiscal or monetary stimuli.
More here.