In many countries, the banking and commercial real estate sectors are still contracting, and the indebtedness of the banking sector in the Euro Area remains very high. Tensions remain around large current account imbalances, exchange rate pressures, slow growth, and high unemployment. Across much of the developed world, as in New Zealand, real incomes per capita have yet to recover to 2007 levels.
BIS central bankers’ speeches  1  The world is very different from the heady days of 2003 – 2007 when the global economy grew at its fastest rate in four decades and international fora debated whether the growth dynamics of the emerging economies were becoming decoupled from the industrialised world.