I have to say that such results were achieved in the face of challenges from the international environment we have all been witnesses to – such as global protectionism, geopolitical tensions, or uncertainties surrounding the UK’s exit from the European Union.
The Financial Stability Report starts with the ever important conditions in the international environment, because they have a significant bearing on the conditions at home too. At the global level, 2018 was marked by an economic slowdown experienced in the second half of the year by advanced and, consequently, emerging economies.