This was particularly evident in the post-crisis deleveraging process and the reallocation of capital in the European economy: balance sheets were often burdened with legacy assets from the past, thus preventing the shifting of resources to new and productive uses.
Inflation remained within the target range until April 2007 when it increased to 6,3 per cent from 5,5 per cent in the previous month. Since then it has remained outside the target range.