With the initial rapid narrowing of the output gap, the return of employment to a level above its pre-crisis peak, the highly effective transmission of monetary policy in Canada, and the sustained momentum in household borrowing, the need for such emergency policies passed (Chart 5).
Of course, I know that some experienced practitioners remain cool and argue as follows on Europe: Well, the reform of the institutions virtually failed even before any round of enlargement. And it went on for all that. That may be true in a certain sense.