I personally believe that the trust and mutual knowledge built up over the years through regular contacts in each committee have helped foster multilateral exchanges of information and smooth cooperation between supervisory authorities during the crisis. However, we may want to examine today if there is a need to further intensify this multilateral cooperation, both in normal circumstances and in times of crisis.
Also, weakness in private investment – beyond that which can be explained by subdued domestic demand and falling commodity prices – has made a sizeable contribution to below-trend growth. The model also suggests that consumption growth has been a bit weaker than in the past.