In this context, we find that the risk outlook is crucially dependent on the timing and speed of the recovery in the EU economy. However, the outlook for growth in the EU also hinges on global recovery. Developments in the US and possible military action against Iraq are key external factors in terms of potential risks.
At that time, partly due to U.S. regulations on deposit interest rates and capital outflows, holders of USD funds in the United States and abroad moved their funds into an offshore market -- the Euro-dollar market in London.