Given its importance, I want to explain how migration affects the economy. 10  The Canterbury rebuild is discussed in more detail in Wood, A, Noy, I and Parker, M (2016) “The Canterbury rebuild five years on from the Christchurch earthquake”, Reserve Bank of New Zealand Bulletin, 79 (3, February).
This has been assisted by the pick-up in the economy as a whole and by the stability of the German real estate market, in which there were no detectable exaggerations. German banks’ need for write-downs is likely to be already past its peak. In 2009, write-downs amounted to roughly € billion. For this year, we expect a clear decline to € billion (Figure 4).