The Portuguese authorities would not have been involved in either process.” 11 Restoy, F. (2018), “Bail-in in the new bank resolution framework: is there an issue with the middle class?”,  speech at the IADI-ERC International Conference “Resolution and deposit guarantee schemes in Europe: incomplete processes and uncertain outcomes”, Naples, 23 March. 12 Restoy, F. (2018), op. cit. 13 Geithner, T. (2016), op. cit.
Economists call this “animal spirits” because it is very hard to predict. Encouraging signs But some new data suggest we may be turning the corner. Recently published private surveys of business sentiment show some improvement. Further, financial market uncertainty has declined, according to Canadian and global indicators. Such measures of financial volatility may well be serving as proxies for actual world events or developments.