Spin and frothy markets aside, the healing has only just begun.

The result has been frothy financial markets that could eventually turn bubbly.

As a result, its stock market is frothy, and it is experiencing an alarming property boom.

Even in Italy, France, Greece, Portugal, Iceland, and the Baltic states, frothy housing markets are starting to slacken.

Myopic authorities need to take less guidance from frothy financial markets and focus more on the structural repair of a post crisis world.

The wealth effects generated by frothy financial markets are then presumed to rejuvenate long dormant animal spirits and get consumers spending again, irrespective of lingering balance sheet strains.

MONTEVIDEO Central bankers continue to fret about frothy asset markets as well they should, given the financial crisis of 2008 2009. Having been burned once, they are now doubly shy.

And she repurposes them with frills and ribbons, and makes these frothy confections that she sells to women for their daughter's Sweet 16 or first Holy Communion those milestones in a life that people want to celebrate all along the economic spectrum.

For now, policymakers in countries with frothy credit, equity, and housing markets have avoided raising policy rates, given slow economic growth. But it is still too early to tell whether the macro pru policies on which they are relying will ensure financial stability.