Compared to the time of the bursting of the IT bubble in 2001, the current adjustments are likely to be mild and completed in a shorter period of time. Learning from the lessons of the IT bubble, firms have improved their global inventory management and were cautious about building up inventories.
5 See “Macroprudential measures in countries subject to ECB Banking Supervision and notified to the ECB”, ECB. 6 Belgium, Finland and Luxembourg. 7 Cyprus, Estonia, Finland, Ireland, Latvia, Lithuania, The Netherlands, Slovenia and Slovakia. 8 See “ECB contribution to the European Commission’s consultation on the review of the EU macroprudential  policy framework”, ECB.