In the BELL countries, real and nominal unit labour costs decreased strongly, prices increased, while private consumption and investment declined markedly. 45. See https://data.oecd.org/gga/general-government-debt.htm [https://data.oecd.org/gga/general-government-debt.htm]. 46. See https://www.esrb.europa.eu/home/search/coronavirus/shared/data/esrb.covidpm.xlsx [https://www.esrb.europa.eu/home/search/coronavirus/shared/data/esrb.covidpm.xlsx]  . 47. See https://data.oecd.org/gga/general-government-debt.htm [https://data.oecd.org/gga/general-government-debt.htm]. 48. See https://www.eestipank.ee/en/press/eesti-pank-ran-experiment-investigatetechnological-possibilities-central-bank-digital-currency-13122021 [https://www.eestipank.ee/en/press/eesti-pank-ran-experiment-investigatetechnological-possibilities-central-bank-digital-currency-13122021] . 49. See https://www.eestipank.ee/en/press/each-additional-euro-injected-economymust-be-well-targeted-says-ulo-kaasik-21042022 [https://www.eestipank.ee/en/press/each-additional-euro-injected-economy-mustbe-well-targeted-says-ulo-kaasik-21042022] . 50. See https://www.eestipank.ee/en/press/russias-invasion-ukraine-will-affectestonian-economy-through-supply-difficulties-and-higher-30032022 [https://www.eestipank.ee/en/press/russias-invasion-ukraine-will-affect-estonianeconomy-through-supply-difficulties-and-higher-30032022] . 51. See Hansson (1993). 52.
Moreover, during the coming years you hopefully will help to make financial risk models better. My key take-aways for these one and a half days and your future work are: First, internal models have rightfully lost their sacrosanct status, as they revealed big weaknesses during the last financial crisis. Models will never be perfect.