Which is probably why the success of policy responses seeking to put output levels and growth back on track was only short-lived. Growth has been slowing in most advanced countries. So what now? In the past, a popular response to sluggish growth was finance-led growth policy. But there are a couple of problems with that strategy which make it an unhealthy policy choice.
More remains to be done to complete the job with the banking union, and the EU fiscal framework needs to be amended to better protect against the highs and lows of the economic cycle, and support economic reforms.