We are in a very different risk and policy environment today, and one which contains some new risks. My colleague Andrea Enria, Chair of the ECB Supervisory Board, put it well recently, where he observed the dangers of over-optimism based on an overly positive view of how the banking sector fared throughout the pandemic.
Economic, demographic and technological changes Great changes have taken place in the last twenty years, in terms of the integration of economies and markets, demographic movements and technological and financial innovation. The growth in world trade of goods and services was extremely rapid, as was that in foreign direct investment.