Complementary fiscal policy and the implementation of structural reforms, such as skills development, that can yield significant productivity gains, are also critical, as they help to enhance the resilience of the economy. I thank you for your attention. BIS Review 98/2008  3
Presumably those modestly higher delinquencies reflected specific lending decisions made by some credit unions during this period. A second conclusion to be drawn from the data is that the deterioration in asset quality was much less severe in 2001-02 than in the early 1990s. Of course, the 2001 recession itself was mild by historical standards.