In the US, policy actions were faster, but still three years had passed after the residential real estate prices peaked in 2006, before overnight rates came down to levels seen in Japan. Third, it took time to recapitalize the banking system, which was most effective and vital in revitalizing the economy.
1/2  BIS central bankers' speeches  At the end of the day, it is only well-managed and well-capitalised banks that are able to finance the economy – even when the going gets tough. They can finance the economy throughout the entire business cycle.