Since the end of 2007, however, the pace of growth has slowed, and has become increasingly sluggish recently with  BIS Review 132/2008  3  the deterioration in the world economy. There are two main reasons behind these developments.
3 The key macroeconomic challenge for these economies is no longer to restore macroeconomic stability; many achieved this in the 1990s (they are mature stabilizers in the ergot of the Policy Support Instrument). Most have a good record of macroeconomic management over many years.