There was general relief as the macroeconomic data became more reassuring, and the very large contractions in economic activity ceased. At that stage our focus turned to what the recovery would look like.
The history of major financial crises shows a consistent pattern emerges: a long period of building up stresses (averaging a decade), a rapid unwinding, then an equally long period of gradual recovery 1 . 1  Carmen M. Reinhart & Reinhart, Vincent R. (2010) “After the Fall”, Jackson Hole Symposium.