Although international cooperation helped to keep the banking system operational, world trade shrank by 20–30% within a few months and unemployment and government deficits went on the rise. The challenges for economic policy and economic thinking The financial crisis forced economists and economic policymakers to reconsider some basic issues: how to get through the crisis, and how to avoid a replay.
Second, we need to ensure that any account of our proceedings preserves the collegiality of the Governing Council’s deliberations. For good reason Article 10.4 of the Statute stipulates that the proceedings of the Governing Council meetings shall be confidential, while the Council may decide to make the outcome of its deliberations public.