Thanks to a powerful and effective policy response, says International Monetary Fund (IMF) mission in its concluding statement, the recovery from the Great Recession has become increasingly well established. Since mid-2009, massive macroeconomic stimulus and the turn in the inventory cycle have overcome prevailing balance sheet strains, and—aided by steadily improving financial conditions—autonomous private demand has also started to gain ground. While still modest by historical standards, the recovery has proved stronger than we had earlier expected, owing much to the authorities' strong and effective macroeconomic response, as well as the substantial progress made in stabilizing the financial system. Important steps have also been taken to sustain growth and stability over the medium term, including through landmark health-care legislation and, as noted in the FSAP assessment, significant progress toward reform of financial regulation.