The emerging  2  For the purposes of this lecture, the term “emerging markets” refers to a group of economies selected from the EU's neighbouring regions, Latin America and Asia, in line with the article entitled “Financial flows to emerging market economies: changing patterns and recent developments” published in the January 2005 issue of the ECB's Monthly Bulletin (pp. 59-73).
In the meantime, major economies'  10  central banks, such as the Federal Reserve and the European Central Bank (ECB), have shifted to a more accommodative policy stance so as to prevent uncertainties over the global economy from affecting domestic and regional economic activity and prices.