I wish to conclude on a positive note: The crisis may be a “welcome” opportunity to gather the political will to put in place long-needed structural reforms in good, service and labour markets with the objective of offsetting the possibly lasting negative impact of the crisis on trend growth.
Similarly, the crisis can be a golden opportunity to put in place the foundations of a more robust regulatory and supervisory framework in line with the large number of reform proposals currently discussed. 8  BIS Review 90/2009