Let me start with a comment of a general nature. I have the impression that many people, whether in the business sector, the financial markets, or in academic and political circles, think that the post-crisis world will be quite similar to the pre-crisis one in 2006–2007.
In other words, they expect the economic recovery to bring us back to where we were before the crisis. BIS Review 3/2010  1  My feeling is that those who think like that are deluding themselves. The pre-crisis situation was not in equilibrium. It was not sustainable. The crisis occurred precisely because the situation was unsustainable, both within certain countries and globally.