For, if the tentative indications that the contraction phase of this business cycle is drawing to a close are ultimately confirmed, we will have experienced a significantly milder downturn than the long history of business cycles would have led us to expect. Crucially, the imbalances that triggered the downturn and that could have prolonged this difficult period did not fester.
We have introduced new standards of corporate governance to the financial services industry and we have embarked on a major programme of enhancing supervision and enforcement. Over the past year, the Central Bank has continued to provide policy advice to Government on national economic issues, and to make public our views on current economic conditions and broad policy options.