In answering it, we should be aware that every small step we take now will determine where we stand in the future. Specifically, I shall argue that measures to ward off immediate risks to the recovery are closely interconnected with efforts to overcome the causes of the crisis.
They are interconnected much more closely and vitally than proponents of more forceful stabilisation efforts usually assume. But, first, let us see where we stand at the present juncture. 2. Where do we stand? When we look back from where we are standing right now, we see a crisis that has left deep scars.