A more challenging world environment Despite the elapse of nearly seven years since the height of the global financial crisis, a fullyfledged global economic recovery remains elusive, and new challenges continue to appear. The recovery process that began in some segments of the world economy has started to tentatively bear fruit.
Banks in the United States and, increasingly, in the eurozone have seen sufficient improvements in their balance sheets to allow for the resumption of positive credit growth. At the same time, financial conditions have improved sufficiently for corporate entities in these regions to resume hiring, a necessary condition for a consumer recovery.