1  For an analysis of the current deviation of U.S. output from its secular trend and a comparison with that of the Great Depression, see Robert E. Lucas, Jr., “The U.S. Recession of 2007–201?”, Milliman Lecture, University of Washington, May 19, 2011. BIS central bankers’ speeches  1  Possible explanations What lies behind the disappointing upturn in industrialized economies?
It would be a mistake to continue with protection and forbearance in perpetuity, just as it would be wrong to allow all companies making losses currently to fail. The complex challenge for all of us involves the timing and identification of the withdrawal of support and normalisation of the functioning of the insolvency criteria.