In this financial environment, credit conditions have eased somewhat. The following continue to warrant careful monitoring: how actively investors will take risks; how far private banks will ease their lending stance; and how these changes will affect economic activities. BIS Review 89/1999  2
At the same time, downside risks to growth, notably related to the threat of protectionism and the rise in trade tensions, remain prominent. The outlook for US monetary policy moves and vulnerabilities in emerging markets add to the overall uncertainty, as does the limited progress on the Brexit discussion.