What started off as a subprime crisis in the United States became a crisis for the global financial system, morphing into a government debt crisis in Europe and now, potentially, a crisis for the emerging markets. The International Monetary Fund (IMF), estimates that global economic growth slowed to 3,1 per cent last year, down from 3,4 per cent in 2014.
Building on this risk analysis, the Financial Stability Committee may then issue warnings and recommendations. That means that BaFin and the Bundesbank exchange more information nowadays than they used to. Dombret: Yes, the Financial Stability Act clearly stipulates that we share all observations, conclusions and assessments required to fulfil our respective tasks.