In fact, our business fixed investment remained remarkably subdued during the period of booming stock markets, but has picked up over the last 18 months or so, when it has been most useful for us in a counter-cyclical sense.
And given the increases in inflation, central banks also have less policy space to react to financial stability shocks. Although this outlook is challenging, so far the global banking system has shown itself to be resilient. Global financial markets have largely coped in an orderly manner, with limited and temporary support when necessary.