This is the first upward revision since March 2007. In the view of the Governing Council, the risks to this outlook remain broadly balanced. On the upside, the positive impact of the policy measures implemented may be stronger than expected. Confidence may improve faster than assumed.
While it might seem that the consequences were easily discernible, they were not. Problems with imprudently financed real estate investments emerge with chronic frequency around the globe without triggering the size of the collapse experienced in East Asia in 1997.