In early 2009, in Davos last year, we were coping with the most demanding situation since more than 60 years. The financial crisis had turned into an economic free fall with the grave and immediate threat of having a depression which could have been as grave as 1929. This free fall lasted two full quarters: Q4 of 2008 and Q1 of 2009.
First, I would like to talk about the challenges to our policy making in the context of the developments in the recent years, both global and domestic, that warranted robust data and research support. Second, I would highlight some of the important contributions of the research department in these turbulent times.