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Their rebalancing requires shifting from credit expansion and exports towards internal sources of growth, especially as growth models that mainly rely on exports are likely to be less effective than in the past. The limits of monetary policy.

Annual Report

The major advanced economies are maintaining extraordinarily accommodative monetary conditions, which are being transmitted to emerging market economies EMEs in the form of undesirable exchange rate and capital flow volatility. As a consequence of EME efforts to manage these spillovers, the stance of monetary policy is highly accommodative globally.

There is widespread agreement that, during the crisis, decisive central bank action was essential to prevent a financial meltdown and that in the aftermath it has been supporting faltering economies. Central banks have had little choice but to maintain monetary ease because governments have failed to quickly and comprehensively address structural impediments to growth.

Annual Reports

But the need for prolonged accommodation has to be carefully weighed against the risk of generating distortions that will later produce financial and price instability. Restoring fiscal sustainability. Sovereigns under fiscal pressure have been losing their risk-free status - and the accompanying economic benefits - at an alarming rate. The broad availability of safe assets aids the operation of financial markets and the conduct of monetary policy.

And a sovereign whose debt is essentially free of credit risk has ample room to implement countercyclical policies to support macroeconomic stability.


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Restoring the supply of risk-free assets requires that governments convincingly address high deficits as well as projected increases in their long-term liabilities. Some countries need to take immediate action to significantly reform their public sectors and remove structural impediments to growth. All countries need to prevent adverse feedback loops between the financial sector and the sovereign and build up fiscal buffers in good times.

Post-crisis evolution of the banking sector. Banks and prudential authorities still face tough challenges in securing financial stability. Banks need to further strengthen capital and liquidity positions to regain markets' confidence. To expedite this process, authorities should ensure that institutions recapitalise and recognise losses on problematic investments.

Authorities everywhere must complete their consistent and timely implementation of the agreed Basel III standards and ensure that robust regulation extends to currently unregulated intermediaries. This vast and valuable installed base keeps us intimately involved with and often responsible for the daily operations of our customers around the world, constantly helping us to better understand and serve their needs.

This purpose has driven more than years of GE innovation, and it is as strong as at any time in our history.


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It is why our engineers were the first to leverage new gas turbine technology, setting world records for combined-cycle efficiency with our HA turbines in both and Many companies have strong talent and technology. We are proud to serve as true partners in their growth and development—offering resources and experience, investing in local talent and supply chains, and bringing other partners along with us.

These networks will continue to be our unique competitive advantage as we pursue profitable, cash-generating growth for years to come. First, we are putting GE on firmer financial footing. Simply put, we have too much debt and we need to reduce it thoughtfully and soon.

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We intend to maintain a disciplined financial policy, targeting a sustainable credit rating in the single-A range, GE industrial leverage of less than 2. This starts with reducing leverage at both our industrial businesses and GE Capital, and we have taken important steps to get there.

We have more options available to us down the line to generate cash to help bring down our leverage, including our remaining interests in Baker Hughes, a GE company BHGE and Wabtec Corporation and continued flexibility for our go-forward Healthcare business. Our strategy at GE Capital continues to center on de-risking the balance sheet and reducing our assets to become a smaller, more focused business.

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We also recently assessed the reserves we hold for our run-off insurance business. Over time, the biggest lever we have to improve our financial position is to prioritize cash generation in each of our businesses. To that end, we are improving how we operationally manage cash every day, in every business, and are using lean management practices to improve working capital levels.

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For example, our Aviation team used lean and digital tools to improve average cycle time for the LEAP-1B, reducing the average engine assembly time by 10 days, or 36 percent. This led to lower inventory levels, more efficient throughput, and ultimately more available cash. That helps our partners, and it helps us. Our goal is to run more empowered, accountable businesses that are in the best possible position to create value for their customers and improve top-line and bottom-line performance.

Annual Reports

We have strong fundamentals in many places from which to build. Aviation had an outstanding , expanding segment profit by 20 percent. The team shipped over 1, CFM International LEAP engines—a remarkable achievement in just the third year of production—and ended with more than 11, units in backlog. Renewable Energy revenue grew by 4 percent in , and our onshore team was recognized as the No.

We also need to run Power better, improving how we manage our inventory and material management, product development and delivery, and billings and collections. For example, by moving responsibility for collections closer to the customer relationship managers, Power was able to improve its visibility to cash and collect it earlier in the quarter.

Where we used to get just 35 percent of our cash in the first two months of the quarter, in the fourth quarter, Power increased this to 50 percent. This kind of operational improvement takes hard work, and it is a multi-year journey, but I'm encouraged by the Power team's dedication and progress. For changes like these to truly take root, our businesses need to have more control over their decisions and rely less on the corporate office. Broadly speaking, if we want to run more empowered and accountable businesses, we need to radically change how we operate across GE.

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