But please allow me to begin by painting a picture of the overall situation. 1 From the financial crisis to the pandemic: Where are we coming from? The period from the end of the global financial crisis up to the outbreak of the coronavirus pandemic was, from a macroeconomic perspective, exceptionally stable.
Financing costs and real interest rates were lower than they had been at any time in the past 150 years. [5] Volatility was low and growth was stable. [6] In many countries, insolvencies in the corporate sector declined. Before the global financial crisis, an average of 13 out of every 1,000 enterprises in Germany went insolvent each year.