For example, the ratio of intra-regional trade to nominal GDP for the nine East Asian economies has more than doubled from 8% in the late eighties to 17% today. This ratio is roughly the same as that of the EU. At the beginning of my remarks I said that globalization was a process through which we overcome conflicting values and jointly create new values.
Some of the 13(3) facilities were versions of those that had been used during the 2008 financial crisis and others were new, such as corporate credit facilities, which directly purchased corporate bonds to support the flow of credit to the economy. All 13(3) lending facilities require the approval of the Secretary of the Treasury.