I was in a primary school, when my parents built our own Arava house in Mikkeli in 1959. We got the running water and sewerage only in 1963. Then came the first products from Rauma into our home in Mikkeli. BIS central bankers’ speeches  1  The world economy grew steadily in the 1960s and still in early 1970s.
2  2  See the Report on Financial Integration in Europe at http://www.ecb.europa.eu/pub/pdf/other/financialintegrationineurope200804en.pdf. BIS Review 157/2008  more precise, higher spreads that result from higher counterparty risk or increased risk aversion do not necessarily point to a more segmented market, but are rather rooted in a general change in investor behaviour.