Helicopter Drops: Central banks are already doing the unthinkable - you just don't know it

"All central banks can do it", said Praet. "You can issue currency and you distribute it to people. The question is, if and when is it opportune to make recourse to that sort of instrument".

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For some observers, the next phase in extraordinary central bank action has already arrived, and it is Japan which is leading the way.

The Bank of Japan's move to impose a three tiered deposit rate on banks this year can be seen as a covert attempt to transfer funds to the private sector, argues Eric Lonergan, economist and hedge fund manager.

He notes that the BoJ's decision to exempt some reserves from the negative rate represents a transfer of cash to commercial lenders at rate of 0.1pc.

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In the same vein, the ECB has also signaled its intention to move away from endless interest rate cuts towards targeted attempts to boost private sector credit demand.

From June, eurozone banks will be paid as much as 0.4pc to borrow from the ECB for four years - a scheme dubbed 'Targeted Long-Term Refinancing Operations' (TLTRO's). Lenders who do the most to pass on cheap loans to customers will be rewarded with the most favourable rates.

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TLTRO's [...] "open the possibility of two different rates where you can leave the policy rate unchanged but lend to banks at lower and lower rates contingent on them lending to the real economy" he adds.

... [but] For critics, the world's recent oil price crash is an ominous sign that consumers are still not ready to spend any free windfalls. The boost to global spending from this effective tax cut has not been as direct as economists would have expected, as people continue to pay down their debts or save for rainy day funds.