In part, the fall in investment likely reflects business concerns over the pace of global growth and risks to the outlook. In particular, 2019 was a bad year for economic growth among U.S. trading partners, and, as a consequence, our exports suffered. Recently, I have been encouraged by the progress in U.S. trade negotiations.
The voting members of the ESRB’s General Board will include the 27 governors of the EU’s national central banks and the President and Vice President of the ECB. •  Second, the ECB will be assigned the task of ensuring sufficient human and financial resources for the ESRB’s Secretariat. •  Third, the ESRB will not be responsible for the implementation of macro-prudential policies.