This would be the reverse of the beachhead effect identified by Menzies and Heenan (1993). It would have to be a big effect, though, to offset the increase in overall productive capacity enabled by the investment boom. There's nothing wrong with noting that some sectors pick up as others slow.
But the greatest challenge for the ECB’s Executive Board was to recognise in 2007, in real time, that something very significant – something very dangerous – was happening. We were the first central bank in the world to recognise the reality of the situation and quickly implement comprehensive measures in response.