BIS central bankers’ speeches  1  Mortgage servicing and the economy The economic downturn that began in late 2007 and worsened considerably in the autumn of that year resulted in the worst recession in many decades.
In addition, skill levels in many regions of the world have improved  2  BIS Review 27/2008  considerably as has the quality of goods and services produced in formerly rather underdeveloped countries. What has changed the face of globalisation is the fact that globalisation nowadays extends to a larger group of countries than in the past.