Looking back, some observers have dubbed the ten years which followed the global financial crisis a “golden decade” for the German economy. • Today’s real per capita GDP is nearly 18% up on the 2009 figure. • Employment numbers have never been this good; joblessness has dropped to its lowest level since reunification. • Corporate insolvency rates are historically low.
1265-1307; Alpanda, S., Granziera, E. and Zubairy, S. (2019), “  State dependence of monetary policy across business, credit and interest rate cycles”, Bank of Finland Research Discussion Papers, No 16, September; Aikman, D. et al. (2016), “  Financial Vulnerabilities, Macroeconomic Dynamics, and Monetary Policy”, Finance and Economics Discussion Series, No 2016-055, Board of Governors of the Federal Reserve System, July.