Second came a surgical separation and removal of assets of dubious quality for those banks which had detected capital shortfalls and proved most vulnerable to future shocks. Third, loss recognition and recapitalisation took place by activating the European Stability Mechanism.
While figures for the job offer rates are only available from 1997, the rates must have been high during the bubble period and lower after the burst of the bubble, given that they are negatively correlated with the youth unemployment rate. The shaded areas in the chart represent the so-called "employment ice age.