The 2021 FIS results show that: In 2021, 37.0 percent of adults started saving more for emergencies and 17.0 percent either started or used online banking and digital payments more frequently. We also saw account ownership, a basic indicator of financial inclusion, almost double.
The pre-crisis period is sometimes referred to as the “Great Moderation”,1 and the onset of the crisis in 2007 and 2008 as the “Great Recession”.2 Today I’d like to provide an additional perspective and suggest that we may now be experiencing a “Great Rebalancing”. The period before the crisis was marked by the global build-up of large external and domestic imbalances.