I worry that time will simply run out for some activities in some  3  BIS Review 34/1999  countries, particularly in the developing economies, and as a result risks exist for some level of disruption in various locales around the world. All of this has been affecting our economy in a variety of ways.
Looking ahead, we see that the global recovery has started to proceed at different speeds across regions, with a relatively modest recovery in advanced countries like the United States, Japan and the euro area and a stronger expansion in the emerging economies. And yet, there is no time for complacency as recent tensions in financial markets have amply demonstrated.