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06 Sep 2012

This recovery is different

Daniel Gros

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The misguided belief that “this time is different” led policy-makers to permit the credit boom of the early 2000s to continue for too long, thus preparing the ground for the biggest financial crisis in living memory. But when it comes to the recovery this around, CEPS Director Daniel Gros argues in this Commentary that the belief that this time should not be different might be equally dangerous.