I will then conclude by highlighting some of the issues that I think should be among the priorities in our research agenda. 1  Gorton (2010) has recently described the current financial crisis as a run involving the “shadow” banking system and the repo market. BIS central bankers’ speeches  1  II.
4 These demographic trends therefore account for 0.9 percentage point of the euro area-US growth differential, “in favour” of the US. Taken together, labour utilisation and demographic trends can explain 0.5 percentage point of the difference between the growth rates of the United States and the euro area, “in favour” of the US.