In August, the developments in Russia added to the crisis in the Asian countries. The unilateral moratorium led to a reassessment by investors of the risks in other emerging markets, such as of Latin America. These factors have contributed to a shift in global expectations of growth, which vary quite considerably from region to region.
There have been notable achievements – such as constructing the banking union – but it is questionable how visible these successes are in people’s everyday lives. But external threats are now becoming more prevalent again, and this is driving integration in areas which arguably inspire stronger feelings in EU citizens.