Public and private indebtedness had accumulated as a result of a credit boom since the mid-1990s, with the bulk of credit being channeled to financing consumption and low-return investments, largely in the non-tradable sector.
Many of us present at the Forum today are witnesses of the profound changes that have taken place in the global economic and political order over the past three  1/8  BIS - Central bankers' speeches  decades. However, despite greater open discord in many areas, the goal of sustainable growth has always remained, because it has no alternative.