Caisse de Dépot Chief Executive Michael Sabia is calling for government fiscal policy to stimulate global economic growth. On a conference call discussing the pension fund’s first-half results, Sabia said reliance on central bank policy to spur growth can’t continue.

“We believe that this period of low returns could last, because we’ve reached the limits on what monetary authorities can do to stimulate markets,” he said. “There isn’t a lot of munitions left for central banks: they’re pushing on a string.”

Sabia said the global market uncertainty paints a darker picture for future economic growth, with risks tilted toward a further slowdown.

“What is even more striking, and according to me, even more important, is the number of possible alternative scenarios: this is what uncertainty is all about,” he said. “In the end, we believe that the risk of a slowdown will win over the risk of an acceleration of the economy.”

Caisse posted a two per cent return in the first half of 2016, and Sabia said the pension fund will continue to focus on its strategy rather than chase big -- and risky -- returns.

“We are trying to get to the bases rather than try to hit the home run.”