To be ready for the next crisis – or rather to avoid it – we need to resist the analogy of a swinging pendulum. We must also be critical of relaxing post-crisis regulation such as MREL. I also identified funding in resolution as the critical missing link in the framework. I wish you all pleasant and productive discussions.
Thus, based on the revisions to growth over the past three years, I do not believe that one should presume that future data revisions will whittle away the post-1995 acceleration in productivity. Microeconomic studies provide corroborating information to the macroeconomic evidence of a post1995 acceleration in productivity growth.