With the financial world continuing to hang on every word from global central banks, there's another lever that's being overlooked that could help spur economic growth, said David Blitzer, chairman of the S&P Dow Jones index committee.
"Virtually the entire world has abandoned fiscal policy, period. Sooner or later they're going to figure out that they left half the toolbox behind, and at least they ought to open it up and look into it," Blitzer, an economist at his core, told CNBC's "Squawk Box" on Friday, a day after the European Central Bank unveiled additional, aggressive stimulus moves. But ECB President Mario Draghi also said he did not anticipate a need for further interest rate cuts.
"[Investors] are clearly trying to figure out how long the ECB can keep it up. They lost the power of Draghi just saying, 'Yes, I going to do whatever it takes,' " Blitzer said.