Kocherlakota (2014) -expressing agreement with Hall's view -- notes that much of the hysteresis can be reversed ultimately, referring to the fact that hysteresis resulting from the Great Depression was eliminated under vigorous demand during World War II. 11  Second, it is also necessary to pay due attention to the stability of the financial system.
The emphasis of this conference is on an important determinant of innovative activities: the availability of financing or more generally the role of financial markets. Focusing on Germany in particular, the experience of recent years has revealed that there is a link between the structural characteristics of a financial system and the funding of innovative activities.