And it will certainly not lower unemployment – on the contrary. The solution is the “long haul”, to coin a phrase. The problems were caused by the imprudent economic policies pursued by these countries in the 10–15 years leading up to the crisis. They cannot be solved overnight.
Nout Wellink: China's rise and its impact on Western economies Speech by Dr A H E M Wellink, President of the Netherlands Bank, on the occasion of the China Congress, 'The Culture of Sharing Knowledge', Amsterdam, 3 October 2005. *  *  *  Thank you for inviting me to this conference organised by the Asia house.