In this article from The Guardian, Joseph Stiglitz points to the slow growth rates in the developed world and the reasons for them. He says that

‘In the US, quantitative easing did not boost consumption and investment partly because most of additional liquidity returned to central banks’ coffers in the form of excess reserves. … It appears that the flood of liquidity has disproportionately gone toward creating financial wealth and inflating asset bubbles rather than strengthening the real economy. … The risk of another financial crisis cannot be ignored. … [We must] begin with re-writing the rules of the market economy to ensure greater equality, more long-term thinking and reigning in the financial market with effective regulation and appropriate incentive structure.’

See link to article below:

http://www.theguardian.com/business/2016/feb/08/whats-holding-back-world-economy-joseph-e-stiglitz