Indeed, it is likely that a number of factors will weigh negatively on the economic outlook, making it difficult to achieve pre-crisis growth rates. Let me briefly mention a few of these factors. First, before the crisis erupted, economic growth was sustained by excessive credit, which in turn reflected unsustainable domestic and international developments.
We are experiencing a substantial de-leveraging of the financial system, which will have an impact on the real economy. I will come back to this issue shortly. Second, the dramatic drop in economic activity could have lingering effects on potential and actual output.