There are some concerns that the shift to higher volatility may not necessarily be orderly against the background of fears of protectionism, increased geo-political risks, Page 3 of 8  and uncertainty over the pace of monetary policy normalisation. This may lead to an abrupt tightening of financial conditions, which in turn may curtail global growth.
Certain relationships between local economic groups, public banks and politics ultimately proved disastrous for the banks and deleterious for civic mores; in more than one case, local development was hindered rather than helped. With great, conscious effort we worked our way free of this logic twenty years ago; other countries now look to the Italian experience. No one wants to turn back.