Heading into the pandemic, the financial system of the country was in a much improved position, owing mainly to various regulatory and supervisory initiatives of the Reserve Bank. We had put in place a framework for resolution of stressed assets in addition to implementing multiple measures to strengthen credit discipline and to reduce credit concentration.
That means that we have only our own strengths to rely on to sustain growth. Finally, and most importantly, our economies are suffering the effects of an erosion of long-term growth prospects and a relative increase in the global supply of savings. Long-term growth in the euro area has halved since the crisis, to less than 1% a year.