German Financial Stability Committee (2019a), „FAQs on the first increase of the countercyclical capital buffer”, May 2019, available at: www.bundesbank.de/resource/blob/798050/e16ab3892c8c8d10fcde9370e1f173a8/mL/2019– 05–27-afs-anlage-faq-data.pdf. Financial Stability Board (2011), “Policy Measures to Address Systemically Important Financial Institutions”, November 2011, available at: www.fsb.org/wp-content/uploads/PolicyMeasures-to-Address-Systemically-Important-Financial-Institutions.pdf. Financial Stability Board (2017), “Framework for Post-Implementation Evaluation of the Effects of the G20 Financial Regulatory Reforms”, July 2017, available at: www.fsb.org/2017/07/framework-for-post-implementation-evaluation-of-the-effects-of-theg20-financial-regulatory-reforms/.
This upswing is driven by a sharp turnaround in the inventory cycle, as well as substantial reductions in interest rates and tax cuts over the past year.