Over the past three years, the world economy saw the highest rates of growth in more than 30 years. The boom was enhanced by loose monetary policy in most of the world. The focus was on consumer prices, which were suppressed by Asia's cheap exports. At the same time, asset price inflation, including the housing market, was allowed to run uncontrolled, with markets not pricing in risk. Inevitably, the boom was followed by a bust, with the world economy now faced with a significant slowdown.