NEWS Release - Maintaining price stability with unconventional monetary policy - Speech by Peter Praet, Member of the Executive Board of the ECB, at the Council of the European Union, Brussels, 29 January 2018
Responding to the crisis in the euro area
The crisis that erupted in 2008 sparked a sharp downturn in the global financial cycle[1]. In the preceding years, over-optimistic growth expectations had taken hold in a number of advanced economies. Despite slowing productivity growth, agents overestimated future income growth and borrowed against it, accumulating excessive levels of debt.





