FXStreet (Mumbai) - ECB executive board member Benoit Coeure in a speech delivered at a lecture in Berkley, California on Saturday and published today, noted that traditional monetary policy measures have failed in a new zero lower bound environment across the globe. Key Quotes: "We lack a clear vision of the combination of demand and supply side policies, and the broader design of the global economy, which will support growth beyond the short-term impulse provided by fiscal or monetary policy at the individual country level." "The capacity of the global economy to generate growth is under question," "In a global zero lower bound environment, surplus countries hold world output down." "If we ignore those issues, there is a risk that monetary policies may become ineffective, overburdened, and/or collectively trapped in a suboptimal equilibrium." For more information, read our latest forex news.