One is that recovery after a recession which has been triggered by a financial crisis is slow. The leverage goes up fast but deleveraging is slow. But in Basel last week-end, where Central Bank Governors met at the BIS, it was noted that it is possible that both trend and productivity growth had started to falter even before the crisis.
The crisis has painfully demonstrated several weaknesses in the regulatory system and imperfections in our economic and fiscal policies. If we manage to improve the regulatory framework for the financial system and maintain well-disciplined government budgets, we will be in a good position to ensure financial stability in the future. This is the important task we must address in 2011.