If we continue down the path of reform, his expectation will prove correct. But as I said at the beginning, the world has become closely interconnected and so, too, have risks and problems. The prolonged period of low interest rates is as much a global problem as it is a European one.
BIS Review 61/2009  7  Both countries have had regional booms in housing markets in the past few years, associated with the run-up in commodity prices and the associated effects of the shift in productive resources to those industries and regions that were enjoying the boom.