This is the third phase, which we might call ‘rebuilding resilience’. Let’s first see how the patient is doing, now that we are approaching the end of the emergency phase. The euro area economy is forecast to rebound by more than 4% this year, after contracting by over 6% in 2020. Insolvencies and unemployment have been relatively subdued until now.
Dennis Lockhart: Considerations on the path to policy normalization Speech by Mr Dennis Lockhart, President and Chief Executive Officer of the Federal Reserve Bank of Atlanta, at the Southwest Florida Business Leaders Luncheon, Naples, Florida, 6 February 2015.