One is that recovery after a recession which has been triggered by a financial crisis is slow. The leverage goes up fast but deleveraging is slow. But in Basel last week-end, where Central Bank Governors met at the BIS, it was noted that it is possible that both trend and productivity growth had started to falter even before the crisis.
So the financial crisis deepened the economic slowdown, but this was not the only cause. Last years have also shown that the economic pillar of the Maastricht EMU was not robust enough. The contagion can be an especially pronounced problem in a monetary union and we need stronger framework and stronger tools to tackle it.