1) The document summarizes a speech given by Olli Rehn on lessons from the eurozone crisis. 2) It shows charts on the growth of euro area GDP from 2008-2020, the dramatic increase and decrease in bond spreads for some eurozone countries during the crisis years, and stabilization of public finances in Ireland. 3) It highlights Draghi's "Whatever it takes" statement that helped stabilize markets.

1. Bank of Finland
Lessons of the Crisis for Euro Area
Reform
Olli Rehn
Trinity Economic Forum in Dublin, on 3 February 2018
13.2.2018
Olli Rehn

2. Suomen Pankki – Finlands Bank – Bank of Finland
Level and growth of GDP in the euro area, 2008-2020
3.2.2018 Olli Rehn 2
90
95
100
105
110
115
2008 2010 2012 2014 2016 2018 2020
Euro area real GDP ECB forecast, December 2017
Index, 2008Q1 = 100
Figures next to the line are annual growth rates.
Sources: ECB, Eurostat and Macrobond.
32427@eaBKTindMPEy(en)
0,4
-4,5
2,1
1,6 -0,9 -0,2
1,3
2,1
1,8
2,4
2,3
1,7
1,9

3. Suomen Pankki – Finlands Bank – Bank of Finland
Dramatic increase and decrease in bond spreads
0
5
10
15
20
25
30
35
40
-1
1
3
5
7
9
11
13
15
17
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Italy Spain France Portugal
Ireland Netherlands Greece (rhs)
Government 10y bond spreads in relation to Germany, percentage points
Source: Macrobond. patu32422@vvk10spread(Eng)
3.2.2018 Olli Rehn 3
Draghi: ”Whatever it
takes…”

4. Suomen Pankki – Finlands Bank – Bank of Finland
Public finances have stabilised in Ireland
20
40
60
80
100
120
140
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Ireland
Public debt, % of GDP
The figures for 2016-2018 are based on the European Commission's forecast.
Sources: European Commission and Macrobond.
32424@Julk.velka GIIPS (en)3.2.2018 Olli Rehn 4

5. Suomen Pankki – Finlands Bank – Bank of Finland
Thank you!
3.2.2018 Olli Rehn 5