At the same time, the recovery is likely to continue to be dampened by high unemployment, sizeable unutilised capacity, continued negative MFI loan growth to the private sector, and the necessary balance sheet  BIS central bankers’ speeches  1  adjustments in the public and private sectors.
Though the crisis is indeed not over yet, much has certainly happened in the meantime: •  we have a powerful set of instruments for overcoming the crisis;  •  the economic governance framework at European level has been reinforced;  •  we are on the path towards a banking union that can break the negative feedback loop between banks and sovereign debtors.