We have to be aware that two banks left the U.S. dollar panels despite this encouragement, and that the agreement that the FCA reached with the remaining banks to continue submitting voluntarily through the end of 2021 now has just three-and-a-half years left.
Europe appears to have turned the corner and to be on a path of stable, if unspectacular, growth. The European economy should expand by 3% this year and this should be sustained in 2001. The Far East generally is recovering, though the recovery in Japan appears to be very tentative. As always, there are risks.