8  BIS central bankers’ speeches  The sharp fall in house prices in Florida and the south-western US states turned boom into bust. These states experienced the harshest recession among the US states. But GDP growth in the “Great Lakes” region, which was below average before the crisis, also remained below average during the crisis.
* * *  1 Introduction Your Royal Majesties Mister Speaker Ahlin Chairperson Eberstein Governor Ingves, dear Stefan Your Excellencies Honourable guests Dear colleagues Thank you for inviting me to speak to such a distinguished audience at this extraordinary event. It is a truly remarkable anniversary we are celebrating today.