A key feature of the current crisis is the mutually reinforcing interaction between, on the one hand, the weakening of economic activity and the rising unemployment and, on the other  BIS Review 53/2009  1  hand, the process of deleveraging and repair of banks’ balance sheets and the persisting tensions in some financial markets.
We have clearly exceeded expectations. The unemployment rate is below where the Committee thought it would be at the end of 2014 and is now within the range expected at the end of 2015. Thus, it is fair to say that we are at least a year ahead of where we thought we would be when we started to taper asset purchases.