The financial system of the euro area is still undergoing further adjustment as the processes of risk repricing and de-leveraging continue. The stresses on the financial system have persisted longer and they have become broader and deeper than anticipated six months ago.
BIS central bankers’ speeches  1  commodity prices, especially oil, have displayed. Lastly, capital flows to EMEs have not only declined, but are significantly more volatile with respect to previous years. How important are external conditions for economic growth in EMEs?