8  BIS central bankers’ speeches  Way ahead 33. The above revised regulatory framework is the first step towards a vibrant professionally managed and healthy NBFC sector. Much needs to be done and there is work already in progress.
There is a long list of short- and long-term factors that contribute to this weak economic outlook, like the expanding trade wars and a possible hard Brexit, as well as vulnerabilities in the emerging markets and geopolitical turbulences in the Middle East. Europe faces its own structural problems, such as population ageing, declining productivity growth, as well as populism and indebtedness.