W hen do we declare the recession over? Everyone has his own yardstick. Mine is simple: when we have started creating jobs and have restored discipline in the financial sector. Only then, when we have cut unemployment, can we say the crisis is finished. Today, despite talk of green shoots, this is not the case.

Last year, governments reacted with determination to a global financial emergency by adopting significant and unexpected measures. Leaders of the Group of 20 nations took difficult decisions to start restructuring world economic governance in a constantly mutating situation.