BIS Review 43/2008  1  What some originally read as a short story punctuated by a liquidity shock evolved into a longer narrative. Credit is threatening to displace liquidity as the primary antagonist. A credit crunch, particularly for small businesses and consumers, poses meaningful downside risks to the real economy.
As we look to the future, we have to think about how we can continue to upgrade the skills and productivity of young people and the workforce more broadly. If we are to successfully reinvent our communities, we must focus on preparing our workforce for the future.