2 Participants at the conference could not have anticipated that only 10 years later, the world would be engulfed in a deep financial crisis, with unemployment soaring and central banks around the world making extensive use of new strategies, tools, and ways to communicate. The next time policy rates hit the ELB—and there will be a next time—it will not be a surprise.
Overall, it can easily be seen in Europe that the countries which have implemented the most far reaching reforms have also performed better over the years. A similar comparison in other countries or areas of the world could help to clarify the responsibilities of the various policies in achieving sustainable growth.