As already pointed out, the growth rate was revised in the light of the materialised risks we identified in August, i.e. the underperformance of the agricultural season and the interruption in Russia’s gas supply to the EU.
As these are not transitory, it is important to inquire into the strengths and weaknesses of what appears to be a new financial paradigm, and assess the main challenges for monetary authorities and financial regulators alike. 2. The new financial landscape: main driving forces  2.1. Economic and financial integration  The first, key factor is market integration and financial globalization.