We had to take measures that sometimes appeared controversial at first and whose benefits were only revealed slowly. Our determination never wavered as it was founded on the solid work of our staff, nourished by empathy for the people who were suffering, and strengthened by the conviction that the policies would improve their situation.
At the moment, economies worldwide are still struggling with the adverse effects of the financial crisis. The average loss of potential output resulting from the financial crisis has been estimated at 8.4%. And these output effects can be very persistent. Crises reduce an economy’s capital stock – and the catch-up process via investment takes time.