Different economies, different channels of transmission called for different responses. In the end, the action taken by the leading central banks paid off. If I can return to my first picture, money market spreads – a symptom of the lack of trust that had gripped financial transactions in the early autumn – retreated from their peaks.
Global financial conditions account for 20–40% of the variation in countries’ domestic financial conditions, as shown by recent research from the IMF.23  Conclusion Let me conclude. 5/7  BIS central bankers' speeches  To inject more dynamism into the global economy we need to raise potential output growth, and to do so with ageing societies we need to lift productivity growth.