And, I would add, the crisis we are currently in is the result of the bursting of that bubble. Obviously, we should be careful in interpreting these results. But they have been confirmed by other research. 21 To be sure, these results are obtained with the benefit of hindsight.
The Oesterreichische Nationalbank (OeNB) has been hosting this event for many years, offering a forum for lively debates between distinguished panelists from national and international institutions, politics, banking and academia. I am glad that such a sizeable number of participants and speakers show an interest in this year’s conference theme.