The article focuses on the ongoing debate about whether or not the global economy has already started to recover from the latest financial crisis. On the one hand, the author says, both theoretical and empirical work suggests that the process of recovery usually takes much longer when a recession is preceded by a financial crisis and when it is a global phenomenon. On the other hand, for at least three years, various experts have been pointing to signs of recovery in the global economy even though quarterly statistics do not confirm that recovery is indeed around the corner. Why has this optimistic and unrealistic assessment of the situation prevailed despite hard data to the contrary? – Wojtyna asks. The article attempts to shed light on this paradox. The author’s aim is to show how recent research on similar historical episodes and on the latest crisis can help identify the necessary conditions for a sustainable recovery. The author starts out with a discussion of selected aspects of contemporary business fluctuations. In this broad context, which also includes the latest crisis, Wojtyna compares different definitions of the recovery phase. Against this background, he discusses selected research efforts aimed at identifying specific features of recovery from a financial crisis. These efforts include a promising line of research on what has become known as "creditless recovery."