This state of affairs is taken to-day as given and nobody contemplates seriously protecting Israeli industry from foreign competition by tariff and non-tariff barriers, as we used to do in the past. *** Nevertheless, there is still a bridge that we have not completely crossed. We already understand that to get integrated with the world economy we have to follow some rules.
These developments have also affected emerging market economies, where there are now clear signs of slowing growth. In addition, downside risks to global growth have increased significantly because of rising financial market pressures, reflecting an intensification of stress in European banking and sovereign debt markets as well as broader concerns about the outlook.