In this study, we can find signs of the emergence, as a result of the recent crisis, of entrepreneurship focused on business opportunities in which the scale, organisation and capital requirements were not key determinants to success. This appears to have been – alongside outward migration – the response of economic agents to the job destruction caused by the crisis.
Acknowledging there are still many unknowns along the way, I will stress that the time has come to rebalance our economic policies. Away from non-standard monetary policies to addressing the structural and institutional factors that have been holding back growth. Monetary policy during the crisis First, however, let me quickly talk you through how we got to where we are now.