In hindsight, the depth of these recessions could well have been aggravated by excess holdings of capital stock, labor, and debt in the corporate sector as well as the fragility of the financial system - the other side of the same coin - all of which exert downward pressure on the economy.
Notwithstanding all the tensions and anxieties of policy management during an admittedly challenging period, I consider myself privileged to have led one of the finest central banks in the world during such an intellectually vigorous period. 8. Against that context, I want to divide my lecture today on “Five Years of Leading the Reserve Bank: Looking Ahead by Looking Back” into two segments.