In 2009, bank bailouts totalled around 8% of GDP in Germany, 5% in France and 12% in the Netherlands.5 In view of the growing discontent that followed, in order to reduce the risk of moral hazard and protect the taxpayer from shouldering private sector losses, there was a strong impetus against 1/7  BIS central bankers' speeches  using public money in establishing a safety net for the financial system.
Although overseas economies, taken as a whole, are likely to keep expanding as growth in economies other than the United States is likely to remain high, developments in global financial markets and the global economy continue to warrant attention.