That is, if entrepreneurs have not given up starting a business in the meantime, as it takes on average 27 days to set up a new business in the euro area, compared to just 5 in the US 8 . I always had respect for entrepreneurs, but it’s getting larger in view of the red tape they have to cut through.
Fiscal policies have been loosened significantly, globally, and this has supported the level of overall demand although the private sector has turned to consolidating its balance sheets. The countries which entered the crisis with sound public finances have been in much better position.