BIS Review 40/1998  ˝  -5-  4. Banks and other intermediaries: competition and integration The Italian financial system was historically bank-oriented rather than market-oriented. It did not offer valid opportunities for portfolio diversification: the scope for investment was restricted to one instrument - bank deposits - offering modest yields and a nominal value that was stable over time.
Weakness in overall global growth has been a major reason for the downturn in commodity prices, particularly energy prices, since mid-July. In turn, this downturn has been a significant factor in the declining value of the Canadian dollar in U.S. dollar terms. These two developments will have opposing effects on the demand for Canadian goods and services.