Concluding remarks The financial turmoil which began in the summer of 2007 has developed over time into one of the most disruptive crises that the world has experienced in many decades.
The speed and intensity of the response from the tradable sector, in particular the exports that rebalanced the external accounts and mitigated the impact of lower domestic demand on the non-tradable sector. 3. The maintenance of confidence in the banking sector as evidenced by the behaviour of deposits.