I hope that presentations at future community banking research conferences can help answer some of these questions and provide a stronger foundation for policy development. Perhaps as a baseline for this discussion, we can start by looking at what has happened to the structure of the banking industry since the financial crisis.
Of course, there are positive aspects to the fact that private consumption increased relatively rapidly. Beyond the fact that it has led to an increase in the standard of living in the short term, the increase in private consumption also covered for the more moderate growth of exports and investments, which was at least partially a result of exogenous factors.