Admitting that the economy would grow from now on at that same trend, the accumulated loss of output until 2030, properly discounted, would represent more than three times the whole output of 2008. The crisis left a permanent economic loss with broad scars in our societies. This is evident when looking at unemployment data.
And as the BIS has played an instrumental role in opening up new policy areas for central banks in this process, central banks have become capable of responding well to their new challenges and opportunities.