Ladies and gentlemen, criminal activities are therefore part and parcel of private enterprise. They are a world wide reality. Criminals spread their operations far and wide. Globalization has provided the channel for these funds to flow freely around the globe. Technology has provided the locomotive for these to reach the remote parts of the globe.
3/19  We are likely to see higher cyclical divergence from the United States, where the recovery will be further supported by significant fiscal stimulus in 2021. This divergence will bring risks of its own: in fact, we are already seeing undesirable contagion from rising US yields into the euro area yield curve.