Overview of the macro environment  World economy: Moderating
growth  The global economy went through a transition period from
a strong bounce-back phase seen in the first half of 2010 to a
less rapid but apparently more sustainable growth path in the
second half of the year. The main driving force behind the
overall recovery was the continuing strong performance of
leading emerging economies, which increasingly relied on
domestic consumption for their growth. At the same time, the
recovery of advanced economies remained slower, although the US
and Japan performed significantly better than previously
expected due to additional stimulus measures. The main source of
weaknesses within the advanced economies group was the troubled
periphery of the Eurozone. The Greek debt crisis in Q2 caused
severe market turbulence and prompted the EU to set up an
unprecedented EUR 440 bn bailout fund to contain the fallout
from future crises, which prevented a more widespread spillover
from the periphery to the core of the Euroz