Looking at the turning points of economic expansion and recession, as announced by the Cabinet Office, the previous economic recovery started in January 2002 and ended in February 2008.
Another lesson learned from the financial crisis is that there is a real risk that these markets will stop functioning at times, or that interest rates soar to extraordinary levels. I have already said on several occasions that it is a good idea to spread the auctions, and I would like to acknowledge – once again – the initiatives taken in this respect.