Years ago my elder daughter then about 12 years old used to tease me in a cryptic style of her own: “Dad, you are a great leader. But you have a big problem; you have no followers.” I do, however, have an amazing staff and a cast of highly capable and engaging people at the Bank today. This accolade goes to them as well.
Moreover, it is likely that the recession will cause a further deterioration in banks’ assets. The restoration of confidence in financial institutions and properly functioning credit markets is essential, along with support for demand offered by monetary and fiscal policies, in order to restart growth. Official interest rates now stand at minimal levels in the leading economies.